Using Credit Wisely

Have positive credit in 24 hours

The Difference Between a Credit and Debit Card

The difference between a credit and debit card is that with a debit card you only have the amount of money you put into your checking account; were as for a credit card you have unlimited money(until your credit limit is reached) and your spending could get out of hand.

Three ways you can develop a positive credit history

1. Get a credit card, and make payments as soon as you use it.

2. Pay ALL bills on time.

3. Do NOT close an unused card account.

Financial help at your finger tips.

1. www.mint.com

2. www.smartaboutmoney.org

3. www.forbes.com

4. www.quicken.com

5. www.money.usnews.com/money

These websites all have the same thing in common, Helping you!

Advantages and Disadvantages of Credit

The disadvantages of having credit is interest payments, cash advanced fees, and overspending. Having Credit cards you overspend from the money that you have and then you have interest rates on the money you planned to spend and the money you over spent. The advantages of having credit is convenience, credit score, and record keeping. Having credit is good so when you pay back your bills on time it ranks up your credit score. Having credit cards you can keep records on what you spent your money on, and super good for convenience because if you're in an emergency situation you have money.

What is APR??

APR is your annual percentage rate. It is the amount of interest you'll have to pay annually. It is important to know when implying for credit because it is more money you have to pay for in the long run.

For Example: If I bought a brand new flat screen TV for $3,500 my APR is 14.9% and I plan to pay $50 a month. It will take me 165 months to pay off the loan and it will cost $4,740.66 at the end.

Get your FREE credit report!!

You can get a free credit report right on your phone. You can get access to your credit report online at any time. It is important to check on your credit report to make sure everything is accurate.
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