Frequently asked questions:
● What is credit?
● What are the forms of credit?
● What costs are associated with credit?
● What determines if someone gets credit and how much they get?
Forms Of Credit?
Loans Let you borrow money that must be repaid with interest. You can obtain a loan for a specific purpose, such as financing a new car, paying college tuition and buying or renovating a home. You can get a debt consolidation loan, which combines all current debts from various creditors into a single reduced-interest payment plan. You can also get a credit limit linked to your checking account that gives you bounce-proof protection in case you write a check for an amount that exceeds your account balance.
Loans are generally divided into two types: secured and unsecured.
Secured loans are guaranteed by collateral, which is an item of equal or greater value than the amount
Unsecured loans do not require collateral and are made based on your credit score and ability to repay.
Cost of credit?
How to Get Credit and How Much you get!
SIX Easy Steps!
1. Get a secured credit card.
2. Only charge what you can afford to pay off in full.
3. Pay on time every month.
4. Avoid applying for numerous accounts.
5. Check your progress by checking your credit report and score.
6. After a year, apply for an unsecured credit card.