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Credit

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by

jacob engel

on 22 January 2014

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Transcript of Credit

Credit is derived from the latin term credo- "i believe" a promise to pay a sum at a future date

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


Americans spend over $1 million dollars in credit
How to establish good credit
Have some utility bills in your own name
Apply for a small loan and pay bills on time
Apply for a bank credit card secured by a deposit and use it for small purchases
Pay off student loans quickly and consistently (demonstrates responsibility)

Types of Credit
Installment and Non-Installment
Advantages vs Disadvantages of Credit
Advantages- convenient
useful for emergencies
establish good credit rating
obtain education

Disadvantages- interest is costly
additional fees are common
tempting to overspend
identity theft is easier
Interesting Facts
Average finance charge for the year 2000 was $480
The average college student owed about $2,748 on credit cards.
Installment- one time loan which borrower must repay amount in specified number of equal payments
Examples- car loan, mortgage and educational loans

Non-Installment- credit is extended in advance so borrower does not have to apply for credit each time credit is desired
Examples- credit cards or department store charge cards
the average household credit card debt in 2001 was $8,562
Have a checking and saving accounts
Contact creditors or counselors if something happens to your credit
Credit Vocab
What is Credit?
Borrower
- person who requests a loan and expects to repay in interest
Lender
- person who provides person with a loan and turst borrower will repay
Character
- consists of indicators of applicant's trustworthiness and stability. Indicators include length of employment, time of current residence, and lawsuits
Job No. 1 after college: Establish credit history
Interest
- charge for using the credit
Credit
- refers to the applicant's payment habits such as whether obligations have been consistently paid on time, or have been late
By Carolyn Bigda
The article basically shows some
ways that students coming out of college can establish good credit history

Capacity
- the ability to make payments arising from new debt with current available income, while being able to continue payments on existing obligations
Co- Signer
- person who helps the borrower get credit by signing or agreeing to be liable for debt
pay bills on time
Use credit cards wisely
How to maintain good credit
Credit Report
The range of credit scores go from 850 to 300
Credit Worthiness
http://articles.chicagotribune.com/2012-05-18/business/sc-cons-0517-started-20120518_1_credit-history-credit-utilization-ratio-curtis-arnold
Credit Cards
A credit card is pre-approved credit and used for purchase of items now and payment of items later
Two advantages of a credit card are protection from ripoffs and is useful for emergencies
Two disadvantages are interest is costly and identity theft is more common
The 3 bureaus are Equifax, Experian and Transunion
A credit report is a financial report card on how you have handled credit in the past and present
Full transcript