All about Credit!
By: Joel Santos
Section 1: The basics of credit
What are the forms of credit? the forms of credit are personal loans and credit card.
What costs are associated with credit? The costs that are presented to you while having credit is every time you get something of your the credit you get charged with interest ( APR).
What determines if someone gets credit and how much they get? How this works is that credit card companies or credit bureaus get your credit report and credit score and sell it to lenders and companies so they know your credit worthiness and they estimate how much credit they should give you. The best credit score to have is between 350 to 800.
Section 2: terms to know!
endorsement: Is a recommendation of a product through a commercial.
Co-Pay: Is a signature that states that you are the second person and pays when the first person can't .
Section 3: Credit cards: what you need to know
Where can you use credit cards? You can use your credit card on any store or any product that accepts them. You use it at the check out like real money only you don't pay until the bill comes.
What are the benefits and costs of using credit cards? The benefits for using a credit card is if there are emergencies and if you need to buy something quick. You can always use you card. The costs are the Annual fees and interest rates that you get charged when you use it. And also their are penalty fees and over the limit fees if you either pay late or go over your limit.