Credit Newsletter

Credit Questions


-What is Credit?

  • Credit is confidence in a borrower's ability and intend to repay

-Forms of Credit?

  • Installment Credit- Used to borrow money and promise to repay in equal amounts over a specific amount of time
  • Revolving Credit- Credit that allows you to borrow a pre-established amount over and over as long as you have an account. You pay the amount you borrowed in full or make partial payment that is subject to interest and/or fees.
  • Open Credit- Requires that all money borrowed must be repaid in full every month

What Costs Are Associated With Credit?

  • Your credit score on your credit report can bring down your credit worthiness

What Determines If Someone Gets Credit? And How Much They Get?

  • Credit reports determine if someone can get credit or not

  • What your credit score and creditworthiness can determine how much they get


  • Lender-A lender may reduce the actual amount of the closing costs by a credit in order to offer more competitive fees
  • Credit Score- is a numerical expression based on a statistical analysis of a person's credit files, to represent the creditworthiness of that person. A credit score is primarily based on credit report information typically sourced from credit bureau.
  • Credit Card- is a payment card issue to users as a system of payment. It allows the cardholder to pay for goods and services based on the holder's promise to pay for them.


-What is a credit card?

  • A credit card allows you to borrow money from your bank to make your purchases, whether you’re buying a burger or a round-trip ticket to France. As long as you pay back the money you borrowed within the a certain period of time, you don’t have to pay anything extra.
-Where can you use credit cards?
  • stores
  • restaurants
  • etc

Ways to Stay Safe While Using Credit Cards

  • Pay all your bills
  • Don't always just swipe
  • Make sure where you are swiping is legit
  • Be careful of identity theft