Be Careful with Credit
Use It Wisely
The Basics of Credit
What to know about credit
While credit can be very useful and come in handy more often than not, there are some costs associated with it. There is a discount fee charged by the credit card company as well as the up front cost. You will be charged a different amount of interest based on your credit score and your creditworthiness. Your creditworthiness is determined by the 3 C's: character, capacity, and capital. All of this information can be seen on your credit report. You can get credit as long as you are 18 years of age. You are able to receive a credit card which allows you to buy things with credit without having cash on hand. You get a lower interest rate and are able to use more credit the higher your score is. You are able to get loans from a credit lender for things such as school loans. You may also get more personal loans such as for a new car or computer.
Credit Score: Every person is given a credit score between 300(lowest) and 850(highest) that represents the creditworthiness of an individual based on how responsible they are with using credit.
Credit Card: Anyone of 18 years or older may get one. They allow the cardholder to pay for goods and services without cash on hand as long as they promise to pay it back later.