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What Is Credit ?
Google Definition
Credit is the ability to borrow money or access goods or services with the understanding that you'll pay later.
Lenders, merchants and service providers (known collectively as creditors) grant credit based on their confidence you can be trusted to pay back what you borrowed, along with any finance charges that may apply.
Why Do You Need Credit?
A higher credit score can mean better interest rates and terms on loans and credit cards. Landlords may check your credit when deciding if they'll rent you an apartment or determining how large a security deposit to require. Credit will also be ran by lendors, insurance companies, finance companies and utility companies.
Secrets To Wealth
- Between 4 and 6 revolving accounts (credit cards)
- At least one "involvement" trade line (mortgage or automobile loan)
- Several accounts with long history of positive use ( to get a 800 you need 10 years of positive history)
- Very few credit inquiries (1-3 in a six-month period)
- No derogatory notations; collections, charge-offs, bankrupcys
- No late payments
- Debt levels on credit accounts of less than 35% of their overall credit limit
Knowledge to Know
Importance of Consistency
Importance of Consistency
Importance of Consistency
Make sure you make all payments on-time or days before. A negative impact takes a lot more points than positive impacts gain.
Education on Credit
Importance of Consistency
Importance of Consistency
Learn what credit is and the benefits of having a good credit score.
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