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Credit and You
Transcript of Credit and You
Credit and You
Differnce Between Good and Bad Credit
Having Good Credit means banks trust you that you will pay them back
This ability to pay back loans is called Good Credit History
If you have Bad Credit, banks will see that you will not pay back loans and will not give you a loan.
How to Build Your Credit
One way to start getting good credit history is by using credit cards
To get a credit card you must
Show you have a good income
Show that you have a history of paying your bills
How Credit Cards Work
A credit card is used to borrow money from a bank on credit
Credit cards have credit limits and depends on your credit history.
Credit cards bill you every month of charges you have made
You must pay the minimum payment or the whole amount
If you do not pay the whole amount or none you will have interest added (APR) to your amount and a late fee as well
Bad Credit and Your Credit History
Bad credit occurs when you do not pay your bills or miss payments.
You will have a higher interest rate when you borrow money
What is Credit?
Credit is your ability to borrow money
Good credit- when you borrow money and pay it in a timely manner
Bad Credit- when you borrow money and do not pay back the amount on time.
Loans are used to buy big ticket items like cars, homes ect.
If you have good credit the banks will help you get a loan
Loans are different from credit cards because its for a fixed amount and for a specific item
Shop around to find the lowest interest rate
Interest rate is how much banks charge to borrow money.
Starting a Budget
In order to start getting good credit you need to learn how to budget you money
Budgeting you money means to keep track of your expenses and your income to pay for those things you want.
Treating your income like a loan will help you build good credit