Ever wish you could
"Buy now Pay later"?
Now You Can!
With Credit you can...
Qualify for different types of credit such as....
- personal loans
- Installment loans
- credit cards
That can help pay for....
- Housing
- Cars
- schooling
It is important to know that.....
Credit is not free!
- you must pay interest. (APR or annual % rate)
Interest is a fee paid on borrowed assets. It is the price paid for the use of borrowed money.
Are you eligible to build credit?
In order to get credit, you must demonstrate CREDITWORTHINESS and be able to pay back a loan. This information is known as a CREDIT REPORT gathered by the CREDIT BUREAU, a system in which collects a record of every adults credit. Once the CREDIT SCORE is made, you will be able to see if you meet qualifications.
Who gives you the money?
The bank you chose to has a lender that will determine if you are creditworthiness by judging it by the 3 C's.
The 3 C's
Capital -value on what you own. - Savings,investments, and Capsity -financial capsity to be able
Basics of Credit cards
● What is a credit card?
A credit card is a plastic card issued by the bank for the purchase of goods or services on credit.Y
you can buy things, withdraw money from an ATM and make balance transfers. Different rates of interest may apply to these different types of transactions.
● Where can you use credit cards?
You can use credit cards anywhere
● What are costs of using credit cards?
The required annual fee of a credit card is from $15 - $100. The Interest (APR) rate is from 0% to 29%.
- Benefit = Pay entire balance by due date = no interest & you get to build credit.
• Credit Limits
it's the total amount your credit card provider is willing to lend you. The amount can vary from person to person and will be worked out on the scoring of your application.
Max amount you can spend using card
Over limit = penalty fee or declined
Approx $30 for each charge made beyond limit
Safe ways to use a credit card
It's important to know your credit card limit and stay within it. Be sure to double and even triple check what it is.
If you go over your credit limit there's a good chance you'll have to pay charges so it pays to be extra careful.
To save money and pay off your balance sooner, it's worth paying as much as you can in addition to the minimum payment.