Credit
by Kris Ripke
Credit is the ability to borrow money in return for a future payment.
Different forms of credit
mortgage loans collaterall loans business loans
Interest rate
Apr = pay interest or annuaul % rate
Determines if you can get credit.
Depends on your income yearly, or your character and your achievements.
credit
- Credit - borrow money for future payment
- Credit Score - 300 - 850 the higher the better
- Credit Bureau - collet info on consumers credit and sell it.
- Credit Report - report on what you've been buyinh
- Creditworthiness- depends on your credit score
- Interest (APR) - the insterest you pay annualy or monthly on credit.
- Lender - lends out cash
- Credit Cards - a card can charge fees too
- Personal Loans - a loan for like a car etc...
Credit cards
A credit card is a piece of plastic that charges things under your name and account.
You can use credit cards where ever the accept them.
The costs are interest rates and the benefits are points you earn.
Tips for using credit card
To be safe with a credit card, you must not go over your limit, you must make all payments on time, don't buy fast food, only buy necessary items. Don't buy expensive unnecessary items. Be smart about what you buy and your payments.