Credit News Letter

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Credit Basics !!!!

  • Credit is the ability to borrow money in return for a future payment plus interest of the money you borrowed
  • Forms of credits - can be used from Visa or Master Card and also in loans for things like School (college), buying a car, or a House
  • Credit Worthiness- Determines how you get your credit based off the three c's ( Character , Capacity, Capital)


Credit Cards

"Is A plastic card issued by a bank, business, etc., for the purchase of goods or services on credit"

  • Before you sign up for a credit card you want to check if there is any Annual Fees and than Annual Percentage Rate of the card... once you find that choose the best that fits you !
  • You can use credit cards almost everywhere accept certain groceries stores because they want there money right away with the acception of some credit cards that you pay the whole amount of money you use monthly.
  • Benefits of having a credit card is that if u pay your bill on time you can get a your credit score

which will help you in the future get a smaller interest rate on future loans you may need .


Credit Penalties

When you first sign up for a credit card you are given a Credit Limit Which is the amount of money you are allowed to spend on the credit card each month. If you go over the limit you will receive a Over-the-limit fee.