What's Credit
Why is it important?
Basics of Credit
Credit is borrowing money for something you need at that moment but in the end you have to pay it back. Credit is something that can make or break you. If you have a bad credit score things will not look good for you and the interest(APR) will be a bigger amount unlike if you have a good credit score things will look a lot better for you and the interest (APR) will be a lower number. There are many ways to begin a credit. You can start with getting a credit card, or student loans. When the bank is determining how much money money they are going to borrow you there are things that come up, such as credit reports and creditworthiness. They will check you credit reports to see a person's financial history to insure your ability to repay borrowed money. While the creditworthiness it just for them to see if you are able to keep a steady job, a steady home, and a steady income. If there any problems the lenders will have to look into a Credit Bureau which collect information on credit rating for the lender to get a better intel on who them might be lending money to.
Credit Cards: What You Need to Know
Credit Card Shopping
The two card I chose to look into are Discover and Chase
Discover
No annual fees
Late payment won't raise your APR
- No overlimit fee
Chase
No annual fee
Late payment $15 if balance is less than $100
No over credit charges
Don’t Fall Into the Credit Card Trap
Credit isn't something that should be played around with
These tips should help you stay away from bad credit
Pay your bills on time
Monitor your history
Reduce the Amount of Debt You Owe
- Setup Payment Reminders