MoneyU Glossary of Terms

MoneyU Glossary of Terms

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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.


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.


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


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.


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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