Credit News Letter
Section 1 : The basics of credit
Credit lets you borrow money but have to pay in the future that can help you build credit score and is determine by creditworthiness. The forms of credit are loans that let you borrow money that must be paid with interest, installment loans are repaid in fixed monthly payments over a specific period of time, and Credit cards that allow repeated transactions up to a maximum credit limit which can be check by credit bureau. A persons credit can be determined by financial endeavors such as credit cards and personal loans. a credit report can help maintain a good score ; with 300 being the most risky and 850 the most secure in the eyes of lenders.
section 2 : vocabulary watch
Credit rating- a score between 300 and 850; the higher the better.
Credit history- credit information when you apply for credit.
credit card fees- going over the limit.
section 3: credit cards: what you need to know.
A credit card is a plastic card by a bank that has a annual fee. it has a credit limit that you can spend. you have to pay the whole balance by the due date which is the interest rate. You can use credit cards at restaurants, stores, airplanes, hotels, etc. the credit allows you to purchase more goods but people over use it because the have penalty fees or over the limit fees.
section 4: smart consumer don't fall into the credit card trap.
Dont give your account number over the phone unless you've initiated the call.
Get a card that has security features. save your receipts. never lend your card to anyone.