Credit News Update

Dulce Monreal

Basics of Credit

  • Credit is money now but, pay later. It is NOT free money. You must pay back on time and in full.
  • When it comes to credit you must meet Creditworthiness, the three Cs.
  1. Character
  2. Capacity
  3. Capital
  • There are different forms of credit. Such as...
  1. Credit Cards
  • Personal Loans..
  1. School Loans
  2. House Loans
  3. Car Loans

  • Credit Bureau is a record for every adult that included any checks bounced, missed rent, bankruptcy etc. and assigns credit score.
  • Your Credit Score can be between 300- 850. The higher your score, the better. Pay payments on time, have low debt, having long history, and low number of credit cards are all good things that will keep your credit score high.
  • Your credit report includes your credit information and credit score
  • . Credit Bureaus will sale you your report and Lenders will requests a copy of your credit report.

Credit Cards

Basics Of Credit Cards

  • You can get credit cards at a bank.
  • This card can be use anywhere from a store, movies, restaurants almost anywhere!
  • Using a credit card the smart way can boast up your credit score. If you don't use it smartly it can kill your credit score.
  • Recharge accounts must be paid the full balance. ( Ex. American Express)
  • Revolving Charge accounts can carry a balance from on moth to another.( Ex. Visa.)
  • There is an annual fee. It can vary from $15-$100
  • If balance in not paid in full by the due date there will be an interest rate fee. That can vary from %0-%29. If balance is paid on time there will be no interest. Along with these fees there are other Penalty Fees. If you go over the credit limit of the balance on your card there will also be an over-the-limit-fee.


Tips To Become A Smart Consumer

  • Make a budget list
  • Do not spend more than what your income is
  • Focus on things you need. Not things you want.
  • Pay all your payments on time and in full.
  • Do not get a lot of Credit Cards. The less, the better