Credit is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately, but promises either to repay or return those resources at a later date.
Credit is generally defined as an agreement between a lender and a borrower. Credit also refers to an individual or business’ creditworthiness or credit history.
Credit is the trust that lets people give things (like goods, services or money) to other people in the hope they will repay later on. Example: … Example: Banks will often let people borrow money through a “credit card” or a “line of credit” in the hopes the person will pay it back. The bank will usually charge interest.
Bank credit is the total amount of funds a person or business can borrow from a financial institution. Credit approval is determined by a borrower’s credit rating, income, collateral, assets, and pre-existing debt. Bank credit may be secured or unsecured.
A credit balance on your billing statement is an amount that the card issuer owes you. Credits are added to your account each time you make a payment. … If the total of your credits exceeds the amount you owe, your statement shows a credit balance.