by rey lazaro

what is credit?

Credit is the opportunity to buy before having the money. There are many types of credit. by that i mean you could have bad or good. you control your credit by wether you pay it or not. if you do not pay the payments your credit could turn bad which means you cant be able to purchase many things or worse you can be in debt

what determines if someone gets credit?

how do you get credit

the credit bureau determines wether a person gets credit. they check multiple things some will be a bounced check, missed rent payment, been sued, or bankruptcy, or a persons credit rating(credit score). if your credit is good you will be able to purchase goods quick

what kind of credit cost are their

their are no credit cost fees. their is simply interest also known as APR
or annual fee. the amount of interest is determined by the place you apply. APR is an ammount separate from the money you owe already. once you dont pay it back your credit goes bad. which means you cant purchase goods

what are some forms of credit?

some forms of credit are loans and credit cards. personal loans are loans in which you dont have the money and the bank gives you money but you will need to pay it back in the future but with a interest which means you will need to pay back more than wa given to you in the beginning. while credit cards are cards in which you use when you dont have any money. if you spend more then you dont have you will have to end up paying it back in the end this can really turn your credit bad