Credit
Information you NEED to know
The Basics of Credit
- Credit gives you the chance to borrow money in return for a payment in the future
- The cost associated with credit is interest
- Reliability to pay personal loans demostrated your credit worthiness
- The higher credit score you have, the better
- The bank bureau has record of your financial history, you cant hide
- You need a good credit report which is required by a lender in order too apply for credit once a year for free
- The two forms of credit are credit cards and personal loans
Credit Cars: What you need to know
- a credit card allows you to receive cash back, points and airline miles
- the annual fee for a credit card is $15-$100
- the credit limit is the max amount of money you can spend,if you go over the limit you will receive a over-the-limit-fee which is about $30
- the interest rate is 0%-29%
- you can use a credit card everywhere
- penalty fees are paid when you make a late payment or over are the credit limit
Smart Comsumers
Ways you can stay safe..
- pay on time
- dont overuse credit
- dont fall into heavy debt
- choose card wisely