Section 1: The Basics of Credit
What is credit? The ability to borrow $$ in return for a promise of future payment and its based on your creditworthiness. What are the forms of credit? there's THREE types of credit INSTALLMENT, REVOLVING and OPEN credit. What costs are associated with credit? its not a fee you have to pay credit is based on Interest that lenders are giving you in other word the bank. What determines if someone gets credit and how much they get? The Credit Bureau will check your Credit Report to see if you can pay back and it also depends on how your is if you have low credit they'll reject you but if you have good credit they accept it they'll check your credit cards to see how your payments are to see if your worthy of a loanit helps you get a personal loan based on your payments and for your own reasons .
Section 2: Vocabulary Watch
OVERDRAWING: Draw money from (one's bank account) in excess of what the account holds
DEDUCTIBLE: Able to be deducted, esp. from taxable income or tax to be paid