How To Use Credit Wisley
Differences Between Credit And Debit
Debit- A debit card is a card that is linked directly to your bank account. When you use the card it takes the money directly from your bank account. A debit card is like having all of your money in one card.
Developing Positive Credit History
2. Avoid going over your credit limit. If you go over your credit limit you are spending more money then they are giving you causing more fees, This will also affect your credit score negatively.
3. Have a mixture of credit. Having different forms of credit such as loans and cards will help your credit score.
Advantages of Credit
Record Keeping- Credit cards can help you keep track of your past purchases and expenses.
Cash Advances- Cash advances can put money in your hands right when you need it, whenever you need it.
Disadvantages of credit
Payments- Purchasing even a shirt will take you months, sometimes even years to pay off. If you pay the monthly minimum will most likely take a very long time to pay off even small purchases.
Fees- Credit card company's will try to fee you for what ever they can. If you are late on a payment, they will fee you and make your interest rate go up causing you to pay even more each month.
Cost of Item- $500
Credit Card APR- 18%
Planned Monthly Payment- $50
Number of months to pay off- 11
Total APR charge- $45.78
Total Cost of Item- $545.78
Free Credit Report
To get our free credit report you can order it from Trans Union, Equafax, or Experian. All of these companies will give you 1 free copy of your credit score per year. It is important to know your credit score because it determines a lot in your life. If you have a bad credit score you may not be able to get a loan, rent an apartment, or make any big purchases. Your credit score follows you around your whole life. If you notice an error in your credit report you should contact the credit report company immediately. If you do not get the error resolved it could affect you for the rest of your life.