Credit Newsletter

all about credit

Basic Credit

● What is credit?
Credit is getting money from a lender from a bank with them trusting you on paying them back.

● What are the forms of credit?
they are things like personal loans or credit cards that use interest in order to get money.

● What costs are associated with credit?

Anything that is buy able at a store is associated with credit but it does need to be payed back or you credit score would go low the next time you look at your credit report.

● What determines if someone gets credit and how much they get?

The credit bureau have an interview with people that want credit to see if they're creditworthiness by seeing the 4 Cs called: Character, Carry Capacity, Collateral, and Credit report.

Credit Cards: What You Need to Know

Questions you should answer

● What is a credit card?

A small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.

● Where can you use credit cards?

At available stores that give an option to use credit.

● What are the benefits and costs of using credit card?

They are usually used for emergency or when you don't have money on you, but credit cards can be costly with annual fees, interest rate, Penalty fees, and over-the-limit fees. If you don't pay does off then you'll reach your credit limit and loss your credit card.

Smart Consumers: Don’t Fall Into the Credit Card Trap

The best tips to not fall in a credit card trap is to only use your credit card for emergency only and you know you can pay it off in about a month. Also, remember to sign your card , don't show your information, don't max out credit card and always pay your payments on time.