Section 1: The Basic of Credit
What are the forms of Credit? Installment credit, Revolving Credit, Open credit
What cost are associated with credit? everytime you use a credit card there might be fee charges , and the fee varies
what determines if someone gets credit and how much they get? You must pay in Apr. If you want credit you must demonstrate our credit worthiness, if your reliable and will be able to pay the loan back. You must have a good credit score if not you most likely wont get credit. You will have a credit report on if yoiur credit is bad or good, you usually want good credit. You have 3 different lenders that they look at. If you want to borrow money you have to pay back which is called the credit Bureau. If you cant recieve credit you can recieve a personal loan.
Section 2 : Vocabulary Watch
- 1.) Character- a written statement of someones good qualities
- 2.) Capacity - wealth in the form of money or other assets owned by a person or organization
- 3.) Capital-wealth in the form of money or other assets owned by a person or organization
Section 3: What you need to know !
2.) where can you use credit cards? Stores, gas statioms, online, restaurants.
Annual fees are yearly fees charged by the lender , who lets you use the card.
what are the benifts and cost of using a credit card? Using a credit card you will get rewards with programs , may earn like traveling benifts.
Disadvantage- credit card is the cost to your Apr and fees.Some credit companies have a credit limit where you can only spend so much till they stop you. Over the limit is where you use more money than you can pay back.