Be Smart with your Credit

What is credit?

The ability to borrow money in return for a promise of future payment. Credit lets you buy what you want, whenever you want very easily, by using credit cards. Credit Is not free money, you need to pay it back, or you will have to pay an interest.

What are the forms of credit?

One type of credit is a personal loan. This type of credit lends you money when ever you need it, you will eventually have to pay it back. Another type of credit is a student credit card. Students use this type of credit because it helps young people build up their credit.

What costs are associated with credit?

Dealing with credit can be very stressful, people need to worry about their credit score. If you do not pay on type everything is recorder to the credit bureau, which then works on your credit report.

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

The 4’c is what determines if someone gets credit.

Character- Are you responsible

Creditworthiness- Are you trustworthy

capacity- Can you manage to pay on time

collateral- What do you have of value

Credit Cards: What you Need to Know

What is a credit card?

A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services or else you will have penalty fees, and if you don't you will have to pay and over-the limit-fee. At the end of the year you pay an annual fee.

Where can you use a credit card?

You can use a credit card mainly everywhere. At the mall, at restaurants, teathers, anywhere you can think of, but credit cards do have a credit limit, so don't go over spending.

What are the benefits and costs of using credit cards?

Using credit cards let you buy what ever you want when ever you want very easily, but if you do not pay on time you will have penalty fees. Many people get credit cards that have credit limits, meaning you have only an amount to spent on your credit cards.
Different cards will have different interest rates.

Tips on Credit Cards!

Be smart and responsible.
Check credit report once a year (,,,
Keep information private
Sign your credit card as soon as you get it
Only use secure browser
Pay more than the minimun maximum
Don’t over spend