Unit Three Personal Credit. What is Credit? Why do we use Credit?

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Presentation transcript:

Unit Three Personal Credit

What is Credit?

Why do we use Credit?

How do we know when enough is enough? Debt Safety Ratio:

Credit Terminology Credit Score Credit History Open Credit Account Credit limit Credit Report

Types of open credit Line of Credit Bank Credit Card Affinity Credit Card Student Credit Card Pre-paid Credit Card Personal Line of Credit Reward Credit Card

What can you do with a credit card? Purchase –APR –Grace Period/Due Date –Minimum payment Cash Advance Balance Transfer

Why do most people get in trouble with credit Cards? They only make the minimum payment Calculator activity: Find an online calculator and do the math.

Besides Cars and Mortgages, what other credit is out there? Revolving lines of credit Home Equity Loan The difference is secured vs. unsecured

How do we get these products? Banks Retailers Payday Loans Mail Offers

What do they look at Credit Score Real Property values Credit History

The Credit Report The 3 major agencies What they gather

The Report What is on the report: How the score is figured

How do you build a good report?

How do you fix yours? Bad score? Mistakes? Bankruptcy?

Credit Card activities: Use the worksheet on the website to evaluate three websites Use the interview form to interview an adult about credit.