Corissa Carrillo, Period 2
Section 1: The Basics of Credit
Section 2: Important Credit Vocabulary
1. Credit Report: is a credit history/record of an individual's or company's past of borrowing and repaying; also late payments made and bankruptcy.
2. Credit Bureau: is a company that collects the credit ratings of individual's and makes them available to credit card companies, financial institutions, etc.
3. Credit Score: is a number that determines an individual's creditworthiness and if they will actually pay back the money lent.
4. Interest: is money paid back at a fixed/regular rate over a period of time for the money that has been lent.
Some examples of how credit cards look like.
Road To Good Credit!
Keep up with payments to keep a good credit score.
Credit Score Factors.
Some key points to maintain a good credit score.
Section 3: Credit Cards: What YOU Need to Know
Section 4: Smart Consumers-Don't Fall Into the Credit Card Trap!
1. Don't give out your account number when over the phone. They can be recording you! Unless you've initiated the call, then you may do so.
2. Get a credit card that has extra security features, such as a photo ID.
3. Never write your account number or PIN on the outside of an envelope or postcard.
4. Draw a line through any blanks on charge slips in order to prevent any charges.
5. Don't sign a blank slip charge unless it's necessary or if it's in an actual store.
6. Always save receipts.
7. Always check your receipts against your monthly statements.
8. Make a list of your credit card numbers, the expiration dates, and the toll-free numbers of your credit card companies. This is just in case one of your cards get lost or stolen, so keep this in a safe place!
9. Only carry cards you will need; especially when traveling pretty far distances.
10. Never lend your card to anyone and don't ever leave receipts or card laying around anywhere.
Hope these tips help! Enjoy using your credit card!