Credit Project By: Roger krusinski and bjorn voegen

Credit is a way of purchasing items a teenager wants while being able to pay for it later in the month or year.

Credit is an important way of paying for goods because people can afford something more expensive and pay it off when they get their paycheck.

A credit score is a number between 300 and 850 which tells lenders how trustworthy the person trying to get a loan will be.

The higher the credit score, the more chance a person has to be approved for a loan. Credit scores will change over time which means a person’s score can increase or decrease at any time based on if loans and bills are paid on time.

Credit reports contain information about bill payment history, loans, current debt, and other financial information. Help lenders decide whether or not to extend your credit or approve a loan.
The three credit reporting agencies Equifax, Experian, and TransUnion are involved in producing your credit report.

A person’s character is made up of their reputation in the community as well as the history of their employment. Being in one job longer will help build up character.

The amount of money a person has built up in their saving and checking accounts as well as the cash they have.

A person’s capacity is the ability to make payments towards a loan or credit card based on their income and debt.

Collateral are a person’s belongings which can be taken away if they do not pay the regular payments. These include: houses, cars, or jewelry.

The conditions are how the economy is affecting the risk of the deal.

It is important for teenagers to get a checking account and to start building credit as early as possible.

Make sure that payments are on time.

Try not to spend more than 30% of your credit card limit to keep your credit score higher.

Co-signing with a parent for a car loan.

Credits:

Created with images by frankieleon - "rainbow of credit" • Tax Credits - "Credit Card" • cafecredit - "FICO Credit Score Range" • cafecredit - "Credit Score - Blue" • cafecredit - "Credit Bureau" • Tony Webster - "Anthem Breach Notification" • cafecredit - "Road To Better Credit - Road Sign" • illustir - "Devil / Angel" • Maklay62 - "money dollars success" • free pictures of money - "Money" • tpsdave - "denver colorado city" • PublicDomainPictures - "achievement bar business"

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