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LSDefine

Simple English definitions for legal terms

credit

Read a random definition: Mileage Log

A quick definition of credit:

Credit: When someone lets you borrow money or buy something now and pay for it later, that's called credit. It's like getting a loan, but instead of going to a bank, you're borrowing from a person or a company. There are two types of credit: business credit, which is for companies, and consumer credit, which is for people like you and me. When you use credit, you have to pay it back with interest, which is like a fee for borrowing the money.

A more thorough explanation:

Credit is when a creditor gives an applicant the right to delay paying back a debt, borrow money and delay paying it back, or buy something and delay paying for it.

  • Business credit: This is when a business borrows money for business purposes, like buying inventory or equipment.
  • Consumer credit: This is when a person borrows money for personal reasons, like buying a car or paying for college.

In accounting, credit is a type of debt. It is recorded on the right-hand side of the balance sheet and can either decrease the value of an asset or increase the amount of capital, liability, or revenue.

For example, if a person uses a credit card to buy a $100 item, they have borrowed $100 and will need to pay it back later with interest. This is an example of consumer credit. In accounting, if a company borrows money from a bank, the amount borrowed would be recorded as a liability on the balance sheet, which is an example of credit.

credible witness | credit bureau

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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