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Credit: meaning, definitions and examples

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credit

 

[ˈkrɛdɪt ]

Definitions

Context #1 | Noun

financial

An arrangement for deferred payment of a loan or purchase.

Synonyms

finance, loan, trust.

Which Synonym Should You Choose?

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Word Description / Examples
credit

Can also mean a source of pride or honor.

  • The team's victory is a credit to their hard work and dedication.
loan

Use when referring to a sum of money that is expected to be paid back with interest.

  • She took out a loan to pay for her college tuition.
  • The bank approved their loan application for the new house.
finance

Appropriate when talking about the management of large sums of money, especially by governments or large companies.

  • He works in finance as an investment banker.
  • The company's finance department handles all the monetary transactions.
trust

Use when referring to reliance on the integrity, strength, ability, or character of a person or thing.

  • I trust my friend to keep my secrets.
  • The investors had a high level of trust in the new CEO.

Examples of usage

  • Apply for a credit card to build your credit history.
  • She used credit to buy a new car.
Context #2 | Noun

education

Recognition of a student's completion of a course or program.

Synonyms

acknowledgment, recognition, validation.

Which Synonym Should You Choose?

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Word Description / Examples
credit

Used when referring to giving someone financial resources or recognizing their role or contribution, often in a formal setting.

  • She received credit for her innovative project.
  • He offered me store credit after the return.
recognition

Appropriate when you need to express formal appreciation or honor someone for their achievements or contributions.

  • She received public recognition for her volunteer work.
  • His years of service earned him recognition from the company.
acknowledgment

Suitable for situations where you mention someone's effort or contribution but not necessarily in a formal or official manner.

  • I would like to give an acknowledgment to my team for their hard work.
  • In the book's introduction, there's an acknowledgment of all who helped.
validation

Used when verifying or proving the truth of something, often in contexts involving feelings, experiences, or data.

  • Her feelings were in need of validation.
  • The experiment's results require validation through further testing.

Examples of usage

  • She received credit for the advanced placement exam.
  • He earned extra credit by doing a research project.
Context #3 | Verb

financial

To add money to an account.

Synonyms

acknowledge, add, deposit.

Which Synonym Should You Choose?

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Word Description / Examples
credit

Typically this implies noting someone's contribution or financial transactions positively, similar context as the first 'credit'.

  • Use already provided in first 'credit'
add

This is used when you want to include something extra or more, generally without any specific formal recognition.

  • Please add your comments at the end of the document
  • She added more details to the story
deposit

This word is used when you want to put money into a bank account or to place something somewhere for safekeeping.

  • He made a deposit of $500 into his savings account
  • I need to deposit my valuables in the locker
acknowledge

Use this to recognize someone's effort or existence in a formal or informal manner.

  • We would like to acknowledge Mary's hard work on the project
  • The company acknowledged his grievance

Examples of usage

  • I will credit your account with the refund.
  • The bank credited my savings account with interest.

Interesting Facts

Etymology

  • The word comes from the Latin 'creditum', meaning 'a loan' or 'something entrusted'.
  • It entered the English language in the 15th century related to trust and belief.
  • The modern concept expanded thanks to banking systems that developed in the Middle Ages.

Economics

  • Credit is essential for personal finance, allowing people to make large purchases and pay them over time.
  • A credit score rates a person's reliability in repaying borrowed money, reflecting their financial health.
  • Businesses rely on credit to invest in growth, covering costs before revenue comes in.

Pop Culture

  • Many movies use 'credit' in their storyline, often showing the importance of borrowing and trust.
  • The phrase 'building credit' is common on social media, reflecting how people manage their finances.
  • Songs about financial struggles often mention credit as a factor in life challenges.

Psychology

  • People's perception of credit can influence their spending habits, leading to potential debt.
  • Studies show that those educated about credit management make better financial choices and feel less anxiety.
  • Social factors, like peer pressure, can affect how individuals view and use credit.

History

  • The concept of credit has existed for thousands of years, with ancient Mesopotamians using loans for agricultural purposes.
  • In medieval Europe, credit systems emerged with merchant networks, facilitating long-distance trade.
  • The establishment of credit bureaus in the late 19th century marked the formal recognition of creditworthiness in lending.

Translations

Translations of the word "credit" in other languages:

🇵🇹 crédito

🇮🇳 श्रेय (Shreya)

🇩🇪 Kredit

🇮🇩 kredit

🇺🇦 кредит

🇵🇱 kredyt

🇯🇵 クレジット (Kurejitto)

🇫🇷 crédit

🇪🇸 crédito

🇹🇷 kredi

🇰🇷 신용 (Sinyong)

🇸🇦 ائتمان (I'timan)

🇨🇿 kredit

🇸🇰 kredit

🇨🇳 信用 (Xìnyòng)

🇸🇮 kredit

🇮🇸 lán

🇰🇿 несие (nesie)

🇬🇪 კრედიტი (k'rediti)

🇦🇿 kredit

🇲🇽 crédito

Word Frequency Rank

At #842 in the frequency ranking, this word is highly important for effective communication. It's commonly used in daily situations and should be prioritized in your vocabulary building.