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Credit: Benefits & Pitfalls

Credit: Benefits & Pitfalls. Responsibility Low interest on large purchases Ease. Incur debt Prevent future purchases Damage your credit. Using Credit. Pay on time! Stay below your credit limit. Pay more than the minimum. Stick with one card. Read the fine print.

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Credit: Benefits & Pitfalls

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  1. Credit: Benefits & Pitfalls • Responsibility • Low interest on large purchases • Ease • Incur debt • Prevent future purchases • Damage your credit

  2. Using Credit • Pay on time! • Stay below your credit limit. • Pay more than the minimum. • Stick with one card. • Read the fine print. • Avoid unnecessary fees. • Avoid unnecessary purchases.

  3. Remember! Character Capacity Capital Collateral

  4. Credit Report—Credit Score 710 • Positive and negative info. • History begins as soon as you start to incur debt. • Credit score is a number that summarizes your credit worthiness. • High = good. • Low = bad. 820 620

  5. Credit Report—Credit Score Pulling your own credit report WILL NOT hurt your credit score.

  6. 3 Credit Bureaus Experian: www.experian.com Equifax: www.equifax.com TransUnion: www.transunion.com Annual Free Report: www.annualcreditreport.com

  7. Bad Credit Hurts • Higher interest or denial of loans. • Higher insurance rates. • Ability to hold or apply for job.

  8. Rebuild Your Credit • Pay off debt. • Review your credit report. • Report incorrect information. • Seek help.

  9. Identity Theft • Protect personal information. • Be aware of your surroundings. • Destroy information. • Monitor bills and reports. • Report theft.

  10. Parting Words If you think nobody cares if you're alive, try missing a couple of car payments. —Earl Wilson

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