Smart Tax Attack

Basics of Credit

The ability to borrow money from a lender that you will pay back in the future.The lender determines your creditworthiness and if he will give you a personal loan. The three main types of credit are Installment credit, Revolving credit, and Open credit. The primary costs associated with credit cards are the discount fee charged by the credit card processing company and the up-front cost of purchasing the equipment. The fee varies, among other things. Your age determined if you can get credit among other things. If you choose to get a credit card make sure you only use it for stuff you need and what you can pay back. This is how you stare your credit report. And your history help determine your credit score. Witch is given to you by the Credit Bureau.

The Three C's

the three C's are very important when it comes to credit. The three

c's stand for Capital, capacity, and character. Capital is what you have to put put in case the don't get there money such as a house, car, land ect.... . Capacity is your ability to pay back. Character is your credit history is you have paid back lenders in the past.

Credit Card

A credit card is a piece is of plastic that can be used as money.When you get a credit card you want to set a Credit limit. Why? you ask because you don't want to put yourself in a place were you can clime yourself into dept. When you use a credit card you have many terms and conditions such as penalty fee. For example Over- the- limit fees. This fee is when you go over the amount of money set for yourself. You also have a interest rate this is how the bank gains their profit. If you are planing on getting a credit card make sure you do your home work first so that you know what you are getting yourself into.

Tips and Tricks

if you think that getting a credit card it a good idea it can be but it also fan mess you up in the long run. So when planning to get a credit card be smart about it. Do your homework first and only spend what you know you can pay back.