Boost Your Credit Now!

By: Margarita Rivera

Section 1: The Basics of Credit

What is Credit?: Credit is the ability to get something before payment is due.

What are the forms of credit? The forms of credit cards are personal loans and credit cards

What costs are associated with credit? You have to pay interest which is an annual percent rate.

What determines if someone gets credit and how much they get? You must have creditworthiness which is your reliability to pay back a loan (character, capacity, capital). Credit Bureau also plays a major factor because they collect info on consumer's credit and sells it which is know as a credit report because they sell it to lenders and companies. Your credit score must be good because it's a reflection of your creditworthiness. (score between 350-800)

Extra Terms to Know!

Terms

Endorsement- To sign your signature on the back of a check as evidence on the legal of its ownership in return for cash $$$.

Check Register-

a current running log of the money you're spending on your bank account


Money Order- A printed order for payment of a specified sum, issued by a bank or post office.


Section 3: Credit Cards: What you Need to Know

What is a Credit Card?: