Got Credit?

Be informed.

Credit

You can obtain goods or services before payment! This is only available based on the trust that you will make the payment in the future.

Different Forms come with Benefits and Costs

Forms: Credit Card, Debit Card, Student Loans


Benefits


  • Earn credit to build a high credit score
  • Use money you don't currently have
  • Credit Bureau will have a record of your good score
  • Your Credit Report can earn you better Interest (APR)
  • You can have personal loans

Costs


  • Get charged more if you don't pay the bill
  • If used for small purchases you may lose track and harm your credit score

Determining how much credit you will get

The following are major factors which play a role in how much credit you receive:

  • Are your bills being paid on time?
  • Do you use the card for big things?
  • Do you pay the full amount to your Lender?
  • What is your income?
  • Are you Creditworthy?
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Important Credit Terms

Creditworthiness: How reliable someone is to pay back their credit.


Credit Score: This is determined by your capacity to pay back your loans.


Interest: The percentage that is added on to your payments.


Credit Report: Your past usage of credit; the history you have using credit.


What you need to know

  • Credit Cards

  • What? A card used to purchase goods on credit so that you can buy things that you don't currently have the money for but will by the time of the bill.

  • Benefits and costs of using credit cards

  • Benefit- Borrowing money from the bank until you have to pay it.

  • Costs- Fees if you don't pay the money back or if you go over your credit limit

  • Annual Fees

  • The fee the credit card company charges you yearly

  • Credit Limit

  • The amount of money you can spend per month

  • Interest Rate (APR)

  • The rate which they charge you extra

  • Penalty Fees

  • Fees you get charged for not paying in time or not paying enough

  • Over-the-limit fee

  • Spending more money than your credit limit gives you

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Take caution when using credit

Stay safe by...

  • reading the terms and conditions
  • paying your bills in full or as much as you can
  • always paying more than the minimum
  • be sure to pick a credit card company that benefits you (interest wise and miles, etc)