The Basics of Credit
What is a credit?
What are the forms of credit?
What costs are associated with credit?
What determines if someone gets credit and how much they get?
Terms to Know
Credit Score- is a number that represents a person's creditworthiness based on their past
Credit Worthiness- the trustworthiness in a person's future ability to pay a debt obligation based on their credit score; a general qualification for borrowing.
Credit Report- a record of an individuals past borrowing and repaying including late payments and bankruptcy; a person should check their credit report at least once a year.