Joint account: Credit accounts held or owned by two or more persons. In the case of a joint account, all parties are held equally responsible and liable for payment under the terms and conditions of the loan contract.

Judgments: Formal court order for payment on a resolved lawsuit. A person who loses a lawsuit and has a balance to be paid for that case will have a judgment filed in the county where the lawsuit was settled. It will typically be displayed on a credit report. The winner of the lawsuit may be able to collect those amounts owed.

Jumbo Loan: A mortgage or real estate loan that exceeds the current conventional loan limits as set my Fannie Mae and Freddie Mac. Interest rates for jumbo loans are usually about .25% higher than the smaller conforming loan amounts. Jumbo loans are those above $359,650.