credit


1cred·it

noun \ˈkre-dit\

: money that a bank or business will allow a person to use and then pay back in the future

: a record of how well you have paid your bills in the past

: an amount of money that is added to an account

Full Definition of CREDIT

1
:  reliance on the truth or reality of something <gave credit to everything he said>
2
a :  the balance in a person's favor in an account
b :  an amount or sum placed at a person's disposal by a bank
c :  the provision of money, goods, or services with the expectation of future payment <long-term credit>; also :  money, goods, or services so provided <exhausted their credit>
d (1) :  an entry on the right-hand side of an account constituting an addition to a revenue, net worth, or liability account
(2) :  a deduction from an expense or asset account
e :  any one of or the sum of the items entered on the right-hand side of an account
f :  a deduction from an amount otherwise due
3
a :  influence or power derived from enjoying the confidence of another or others
b :  good name :  esteem; also :  financial or commercial trustworthiness
4
archaic :  credibility
5
:  a source of honor <a credit to the school>
6
a :  something that gains or adds to reputation or esteem :  honor <took no credit for his kindly act>
b :  recognition, acknowledgment <quite willing to accept undeserved credit>
7
:  recognition by name of a person contributing to a performance (as a film or telecast) <the opening credits>
8
a :  recognition by a school or college that a student has fulfilled a requirement leading to a degree
b :  credit hour

Examples of CREDIT

  1. banks that extend credit to the public
  2. You need to have a strong credit history and a good job in order to get a mortgage.
  3. A credit of $50 was added to your account.
  4. All the credit must go to the play's talented director.
  5. She's finally getting the credit she deserves.
  6. He shared the credit with his parents.
  7. You've got to give her credit; she knows what she's doing.

Origin of CREDIT

Middle French, from Old Italian credito, from Latin creditum something entrusted to another, loan, from neuter of creditus, past participle of credere to believe, entrust — more at creed
First Known Use: 1537

Other Economics Terms

actuary, compound interest, globalization, indemnity, portfolio, rentier, stagflation, usurer

2credit

verb

: to add (an amount of money) to a total

: to add money to (an account)

: to give honor or recognition to (someone or something) for doing something or for making something happen

Full Definition of CREDIT

transitive verb
1
:  to trust in the truth of :  believe <find his story hard to credit>
2
:  to supply goods on credit to
3
archaic :  to bring credit or honor upon
4
a :  to enter upon the credit side of an account
b :  to place an amount to the credit of <credit his account with ten dollars>
5
a :  to consider usually favorably as the source, agent, or performer of an action or the possessor of a trait <credits him with an excellent sense of humor>
b :  to attribute to some person <they credit the invention to him>

Examples of CREDIT

  1. Your payment of $38.50 has been credited to your account.
  2. The bank is crediting your account for the full amount.
  3. They credited the rescue to his quick thinking.

Origin of CREDIT

partly from 1credit; partly from Latin creditus, past participle
First Known Use: circa 1530

Other Business Terms

amortize, caveat emptor, clearinghouse, divest, due diligence, emolument, green-collar, marque, overhead, perquisite

Rhymes with CREDIT

credit

noun    (Concise Encyclopedia)

Transaction between two parties in which one (the creditor or lender) supplies money, goods, services, or securities in return for a promised future payment by the other (the debtor or borrower). Such transactions normally include the payment of interest to the lender. Credit may be extended by public or private institutions to finance business activities, agricultural operations, consumer expenditures, or government projects. Large sums of credit are usually extended through specialized financial institutions such as commercial banks or through government lending programs.

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