Credit And You!!!!!!

Thomas Lincoln

Credit

Credit is The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.


The credit bureau gives credit scores through credit reports. These reports prove your credit worthiness. These are based on bills paying habits.


There are several forms of credit:


  • Credit cards are what they sound like. These cards lend short term loans based on credit history from lenders like banks
  • Debit cards, similar to credit cards, these cards pay with cash in your account.
  • Cash, bills, moolah, bucks, shillings, simmoleans, change, coins...
  • Personal loans establish consumer credit that is granted for personal use; usually unsecured and based on credit.


Beware of the interest as it accumulates over time. This is a percent interest that adds onto debt. This is what lenders make their money of off.

Terminology

Credit is The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.


The credit bureau collects information on consumers’ credit scores through credit reports. These reports prove your credit worthiness. These scores are what lenders check for loans. Credit reports are based on bills paying habits.


Credit cards are what they sound like. These cards lend short term loans based on credit history from lenders like banks.


Personal loans establish consumer credit that is granted for personal use; usually unsecured and based on credit.


Beware of the interest as it accumulates over time. This is a percent interest that adds onto debt. This is what lenders make their money of off.


Credit Comprehension

Credit cards are what they sound like. These cards lend short term loans based on credit history from lenders like banks.


Credit cards are used just about anywhere cash is like stores & bills.


The credit bureau collects information on consumers’ credit scores through credit reports. These reports prove your credit worthiness. These scores are what lenders check for loans. Credit reports are based on bills paying habits. Credit cards are usually are the most typical loans people use.


Beware of the interest and interest rate as it accumulates over time. This is a percent interest that adds onto debt. This is what lenders make their money of off.


Annual fees are what lenders make money on. This is a yearly interest rate for the privilege of credit.


Almost all lenders have a credit limit. These are the absolute last amount you are able to borrow. If you borrow more you get an over-the-limit fee, a penalty fee.

Smart Consumers

Smart consumers review the above sections of text. Do this and do this well to become credible.


Be aware of all the traps, fees, and credit that comes from lenders.



Welcome to the amazing world of credit. It can both open and close opportunities.


Will that be cash or credit?