Credit Scoring and Comparing the Cost of Credit
Credit scoring are points based on factors such as amount of current debt, number of late payments, number and types of open accounts, number of late payments, number and types of open accounts, current employment, amount of income, and etc. The scores range from 500 to 850, 500 meaning that the individual never pays back debt and 850 meaning almost never having any debt.
Comparing the Cost of Credit
With credit, comes a lot of expenses and responsiblities to take in account. There are many fees such as the Over-the-limit fee or the late fee. On the other hand, there are many positive things, for example, the grace period or travel benefits.
Flyer by: Lilly Snider, Caragan Hudson, and Hannah Magee
"Teenagers and Credit: Everything You Need to Know." Teenagers and Credit: Everything You Need to Know. N.p., n.d. Web. 12 Dec. 2014.