Joint Credit
Definition
- 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.
Synonyms
loan, lien, debenture, co-borrowers
Related Terms and Acronyms
- Authorized User — Definition,
- Any person to whom you give permission to use a credit card account.
- Credit — Definition,
- Money that a lender gives to a borrower on condition of repayment over a certain period.
- Credit History — Definition,
- A record of an individual's or company's past borrowing patterns and whether or not debts were repaid on time.
- 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 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.
- Experian (XP) — Company, Canada,
- One of the Big Three credit bureaus, along with Equifax and Trans Union, Experian not normally used in Canada.
- Joint Liability — Definition,
- The responsibility of two or more people to repay a debt
