Credit Newsletter

Nick Boychuk

Section One: Basics of Credit

What is Credit?

  • Credit is borrowing money in return for a future promise of payment. In a credit there is always a Lender who gives the money out.
What are the forms of Credit?
  • Credit Cards, and Pesonal Loans.
What costs are associated with Credit?

  • Interest ( APR )
What determines if someone gets credit and how much they get?

  • Their credit score and their credit history.

What is a Credit Card?

  • A Credit Card is a card which you use to buy items and pay back later in time. It includes yearly fees which are called Annual Fees. There is a Credit Limit on them which is the maximum amount you can buy in one time. It depends on your Credit History and how well you pay your bills.
Where can you use credit cards?
  • You can use Credit Cards virtually anywhere they are accepted which is most stores and departments.

What are the benefits and costs of using a Credit Card?

  • The benefits are that the Credit Limit gets much higher over time, it starts out at 500. Their is a yearly charge called the Annual Fee which i mentioned earlier. Their is an Interest Rate that is a yearly pay based on how much money is in your account. If you use too much money their is an over-the-limit fee.

Tips and Support

When using a Credit Card, always keep your password something only you would know. Never tell anyone your password or account number. Keep your card safely placed. Make sure you are always covering when you are doing something. These are basic tips but they are great help. It is very simple and basically just keep your card away from people's eyes. Be very careful on websites online and make sure they are not fraud.