Joint Credit

Importance: 0.57

Is a company: no

Is a proper noun: no

Synonyms

  • lien
  • loan
  • co-borrowers
  • debenture

Definition of Joint Credit

  1. Issued to a couple based on both of their assets, incomes and credit reports. It generally results in a higher credit limit, but makes both parties responsible for repaying the debt.

Related Terms and Acronyms

  • Credit Limit Definition,
    • The maximum amount of charges a cardholder may apply.
  • Credit Rating (CR) Acronym, Very Important,
    • A judgement of a person's ability to repay debts. The rating is often based on a person's current and projected income and past debt payment history. Also called a credit score.
    A metric to measure the credit worthiness of a debtor.
  • Credit History Definition,
    • A record of an individual's or company's past borrowing patterns and whether or not debts were repaid on time.
  • Experian (XP) Company, Canada,
    • One of the Big Three credit bureaus, along with Equifax and Trans Union, Experian not normally used in Canada.
  • Authorized User Definition,
    • Any person to whom you give permission to use a credit card account.
  • Joint Liability Definition,
    • The responsibility of two or more people to repay a debt
  • Credit Definition,
    • Money that a lender gives to a borrower on condition of repayment over a certain period.
  • Credit Score Definition,
    • Also referred to as a 'Beacon Score' is a number, between 300 and 900, that reflects a person's credit history. Lenders calculate this number using a computer system as part of the process for assigning rates and terms to the loans they grant.
  • Equifax (EF) Company Est. 1899, Canada, Important,
    • A major credit bureau company in Canada along with Trans Union.
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