creditactTEXTBlWd (RƸVmBIN credit act

Credit Activity

All About Credit 
By the time you reach 18, you're probably ready to assume a greater share of the responsibility for your personnel finances. Whether you plan to live at home for a while, find a place of your own, or go off to college, adulthood generally brings with it an increase in financial obligations. When you get
credit for the first time you are just at the start of a continuing process. You actually establish credit, one creditor at a time, by repaying your debts as agreed. You will probably need credit to finance your first car, home, or business. 


Bank of America


Getting credit

Choosing and using credit cards

Using the above links, answer the following questions

1 Find out what lenders want to see from potential borrowers. List at least (4). 

2. What is a credit bureau? Find out. 

3. List some practical steps to take to help you establish credit for the first time.

4. What is
Experian (formerly TRW) ?  Read and give an example of a typical credit report.

5. Find out how most credit cards work. What is the normal for % of interest charged on unpaid balances? Write a short typed paper that clearly shows you understand the consequences of credit card abuse.