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Complete the True-False Quiz!
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To obtain goods or services before
payment, based on the trust that
payment will be made in the future.
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Benefits and Detriments of Credit
• Build credit• Big items; house, car,
college• Convenient & safe• Emergencies
• Easy to live beyond your
means
• Easy to get into credit
trouble
• Hard to get loans for big
items or emergencies
with bad credit
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Credit 101
Installment : loans for a specific amount of money and are paid back monthly over a defined time period, or term. Car loans and mortgages are generally installment loans.
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• Revolving: loans for an unlimited amount of time with different interest rates
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The 3 C’s of Credit:
1. Capacity – do you have income to pay?2. Capital – do you have savings or other investments ?3.Character – how have you handled credit in the past?
They determine your credit score which determines your interest rate.
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Credit Score
Payment History35%
Amount Owed30%
Length of history15%
Types of credit10%
New credit10%
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Credit Score
Payment History35%
Amount Owed30%
Length of history15%
Types of credit10%
New credit10%
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Credit Score
Payment History35%
Amount Owed30%
Length of history15%
Types of credit10%
New credit10%
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Use Credit Wisely
• Pay on time• Pay in full or more than minimum• Evaluate purchases• Avoid Fraud
•Over limit fees•Convenience fees/interest•Cash advance