credit cards

Itzel montalvo

The Basics of Credit

What is credit? a way to buy what you want when you want it
● What are the forms of credit? personal loans ,credit card and student credit . mortgage,
● What costs are associated with credit? the cost has a lot. late fees - credit card
● What determines if someone gets credit and how much they get? the four cs , character, capacity, creditworthiness , collateral determine your credit score


These are the words you are going to have to all ways remember for your credit

● Credit- need it to get home loans , car loans, or any loans to buy something
● credit Score- a number singed to you based on your credit ,higher the better 300-800, it stays with you for ever, make good payment over time never miss a payment.
● Credit Bureau- A company that collects the credit ratings of individuals and makes them available to credit card companies

● Credit Report- a record of an individual's past borrowing and repaying, including information about late payments and bankruptcy
● creditworthiness-
did pay back the money
● Interest (APR) - its the annual percentage rate of loans.
● Lender- A organization that makes a loan. a lender gives money to a borrower with the expectation of repayment in a timely manner.

● Credit Cards- a card that allows you to buy things with out money and it can make or break your credit score.
● Personal Loans- just need money, must say they have collateral

Credit Cards: What You Need to Know

What is a credit card? A plastic card issued by a bank, for the purchase of goods or services on credit.
Where can you use credit cards? anywhere where they accept credit card, from restaurante, online,
What are the benefits and costs of using credit cards? the benefit is that you can buy things with out money when you don't have any on you,also it can give you credit. but also its a bad thing because you are going to have a credit limit and over the limit fee if you don't pay on time. they are going to charge you those penalty fees.



words to remember

● Annual Fees - the bank charges you yearly or a credit card issuer may charge you a fee each year for your account
● Credit Limit-
how much you can take out
● Interest Rate (APR) -its the annual percentage rate of loans.

● Penalty Fees- my have to pay more if you don't pay on time or if you max out your card.
● Over-the-limit fee- This is a fee charged for exceeding the credit limit on the card, they don't tell you that you are going to pay more, it just shows up on your bill

Ways to stay safe while using credit cards ( Tips)

be smart and responsible
check your credit once a year, transunion.com, experian.com eqofax.com to check.
keep your information safe from identity theft,

sign your card, never share your passcode with anyone,

pay more , don't max out