MoneyU Glossary of Terms


MoneyU Glossary of Terms


Browse the glossary using this index

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C

Chapter 13 Bankruptcy

A type of consumer bankruptcy under which the debtor doesn't forfeit personal property but agrees to a three- to five-year wage-earner plan to repay all or part of their debt. A Chapter 13 bankruptcy remains on a credit report for seven years.

Chapter 7 Bankruptcy

The most common form of consumer bankruptcy, Chapter 7 typically releases a debtor from all liability for the accounts included in a bankruptcy. In exchange, the debtor must forfeit some personal property. A Chapter 7 bankruptcy remains on the debtor's credit report for 10 years.

Character

Refers to trustworthiness; one of three factors in credit scoring (e.g., paying bills on time shows financial responsibility). Creditworthiness indicating a responsible attitude toward living up to agreements.

Charge Card

A charge card requires you to pay your bill in full each month, but charges no interest. The user pays an annual fee.

Charged Off

A term on your credit report that means that the creditor attempting to collect a particular debt gave up and is no longer trying to get payment from you.

Charity

The voluntary provision of money, materials, or help to people in need.

Check

Written order directing a bank or credit union to pay a person or business a specific sum of money.

Checking Account

An account with which you write checks to withdraw your deposited funds from the account

Closed-End Mutual Fund

A mutual fund with a fixed number of shares that may be bought and sold like a stock.

Co-Sign

To sign a credit agreement with someone and agree to share the debt with that person, or assume the debt if the other person defaults, or doesn't pay.

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