What you need to know! by Jeremy Mercado

The Factors of Credit

  • Credit-The ability to borrow $$ in return for a promise of future payment!
  • What are the forms of credit-CREDIT CARDS AND PERSONAL LOANS,
  • The Cost with Credit-Annual Fee's, Credit Interest, Credit Limits but it is important to be careful on how you handle it because it could show up bad on your Credit Report.
  • What determines if someone gets credit and how much they get?-It all depends on the Credit Score that person has and how much the Credit Bureau decides to give them.

Vocab WATCH!

Credit Worthiness-Your reliability to pay back credit

Lender-The person or people borrowing you money thru the loan

Personal Loans-Money borrowed to pay that will eventually need to be paid back in a set amount of time

Credit Card BASICS!

1. What is a credit card? A banking card that allows you to spend money you don't own but will eventually pay back. There is an over the limit fee the limits your ability to spend.

2. Where can you use credit cards? At the store! To pay bills! ONLINE!

3. What are the benefits of using and cost of using credit? You can benefit from using credit when it comes to paying bills and things you can afford to pay back. But if not it can cost you everything if you can't afford to pay it back with penalty fees, interest rates, and annual fees that will come back to haunt you.



  • Having credit card is a great tool but don't let spending get out of hand!
  • Only spend what you are 10000% sure you can pay back!
  • Credit Card companies get more when you payless, because they charge you with interest rates and penalty when you fail to pay!
  • Not being able to pay your credit card bill can pile on debt and KILL YOUR CREDIT SCORE!
  • If you have a bad credit score! Good luck buying a houses or car.
  • PLAY IT SAFE! Be smart and wise if you apply and use a credit card! It will save you to spend smart and less.