Using Credit Wisely

Conlin Neikirk

Credit vs Debit

Credit is money you don't have. You are paying the credit company back later. Debit is your money. You take money that you have already made from your account.
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Three ways to develop a positive credit history.

1. Only take out one or two credit cards at a time.

2. Don't take a lot of loans. A house and car are good examples of loans.

3. Make a lot of small payments and pay them on time to build good credit history.

Financial apps/websites to help you manage your money.

Mint: Mint is a website that helps you with budgeting. It checks your credit and helps make paying your bills easier.

FutureAdvisor: This site gives retirement advise and helps you manage your investments.

Betterment: Makes investing quicker and easier.

Dwolla: Dwolla allows you to transfer your payments faster. It's also easy to use and has no transaction fees.

Venmo: Here you can quickly and safely transfer money to the bank.

Advantages of credit vs. disadvantages of credit


1. A lot of loans require that you have a credit score.

2. You can purchase things like a house that would take a lifetime to save for without credit.

3. A good credit score allows you to get lower interest rates and it's easier to get loans.


1. A bad credit score can prevent you from getting loans for things like a house or car.

2. Using credit irresponsibly could put you into a lot of debt.

3. Credit car companies will try to suck you into signing up for their credit cards.


The annual percentage rate is the interest that a company will charge you. It is very important to know this when applying for a credit card because some companies have lower APR's than others. In order to pay less you need to go with the company that has the lowest rate.
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Effect of APR

If you buy something like a TV for $600 and you pay $100 per month with an 18% APR, you will pay for it for 7 months and your total payment will come out at $633.43.

Credit Reports

Every person gets one free credit report every year. You can get this free credit report from agencies like Equifax, Experian, or TransUnion. Its important to check your credit report so you know your score or if there are errors. If you find any errors be sure to contact your agency and report the errors.

Credit Counseling Agencies

Credit counseling agencies like National Check Cashers helps you get your checks fast. You can cash your checks with no holding periods. You can contact National Check Cashers at (614) 274-3030