Credit for the new Teen
What is Credit?
To determine if you can also get personal loans from a lender like bank you need to have all of the above things to qualify. To know if you do or how much you will have to pay in interest you need a credit report which will help find you credit score and see how much you pay and how it could affect your chances to get a loan and other things.
Credit can be useful but there are many problems that ca come from it like debt, overspending, and misusing credit.
Extra money paid at a certain rate for borrowing money
Number between 300-850 that determines how much interest you will pay back (the higher the better)
Group that collects consumer info and sells it
All about Credit Cards
These cards are accepted almost anywhere, at any store, in any state. Credit cards are good if you don't have the money to buy something and really need it and also you don't have to carry cash. The problem is that many people tend to go overboard and get several cards and not being able to keep up with the payments and end up in debt they can't get out of it.
- Don't use credit on small purchases
- consider a loan instead of a credit card
- Pay credit card balance in full
- Choose your card wisely
- Avoid getting too many cards
- pay payments on time
- read anything you sign