Credit Project
Everything you need to know about credit.
Basics of credit
Your credit score goes up when you pay your personal loans on time!!! Your Interest (APR) goes up if you have bad credit. You can get a credit report once a year for free to check your credit worthiness if you want more than one you can pay to get another one. If you have well established credit you can get a lender to loan you money. The credit bureau will help banks to decide if you qualify for a loan.
Vocabulary Watch
Credit Limit: The amount of credit that a financial institution extends to a client.
Interest Rate (APR): The percentage and amount that determines the yearly cost of credit.
Penalty Fees: Fees charged if you violate the terms of your cardholder agreement or other requirements related to your account.
Over-the-limit fee: For each month that their balance exceeds their loan limit, borrowers are charged this type of fee, which typically ranges from $29 to $39.
Great tips on credit
Your favorite students
Working hard in Consumer ED.
TIPS
Great ways to keep out of credit card trouble.. Pay credit card bill in full Don’t buy something you don’t have money to pay for Don’t impulse buy Pay bills on time
TIPS
Start building credit when you're 18 Have a minimum amount of credit cards open Beware of the amount of money owed
Questions?
Not sure about credit?
What are the forms of credit?
What costs are associated with credit?
What determines if someone gets credit and how much they get?
Credit is the ability of a consumer to buy goods before payments based on the trust that the payment will be paid in the future
Forms of credit are instalment credit, Revolving credit, and open credit
The cost associated with credit is that you can ruin your credit if you’re not responsible with it.
Q's
Where can you use a credit card?
What are the benefits and costs of using a credit card?
A plastic card used to buy goods that you will pay later on.
At restaurants, stores, movie theatres just about anywhere your card is accepted.
The benefits of using credit cards are building credit, managing your expenses, and getting cash back.