ITB Credit Project by yamile beltran https://padlet.com/yamileb731/2i4lplrb0ht en-us 2018-02-26 17:24:48 UTC 2026-03-10 18:30:54 UTC hello@padlet.com What is credit? yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/235503062 Credit-The privilege of using someone else's money for a period of time.
Then later repaying the amount owed at a future date.]]> 2018-02-26 17:32:33 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/235503062 yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/235505132 2018-02-26 17:35:34 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/235505132 Three C's of credit yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/235508361 C- Character
This refers to your honesty and willingness to pay a debt when it is due. If you have a history of paying your bills on time, creditors believe that you are a good credit risk.
C- Capacity
This refers to a person's ability to pay a debt when its due. The lender must decide if you have enough income to pay your bills.
C- Capital
This refers to the value of the borrower's possessions. This includes money and property. This gives the lender some assurance that you will be able to meet your credit obligations.
]]> 2018-02-26 17:39:03 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/235508361 Types of Credit yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/236033034 Trade Credit
Businesses use this credit. When a company receives goods from a supplier and pays for them later
Loan Credit
If you are borrow money to use for a special purpose then you are using this type of credit. Loans are available from several kinds of financial institutions. You pay it back by installments*  
Sales credit
Most businesses offer sales credit. This involves the use of charge accounts and credit cards by consumers.
*Installment = The borrower agrees to repay the loan in specified amounts.

]]> 2018-02-27 17:44:31 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/236033034 Credit Cards yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/236039040 Bank Cards
Very popular all over the world. Two of the best cards are MasterCard and Visa. At times you may have to pay an annual fee for the privilege of using the card. ISO* is used to receive your transaction data to you and your bank. If someone were to steal your information and they bought something you usually don't it will be flagged and brought to your attention as well as your banks attention.
Charge Cards
They used to be called travel and entertainment cards. A popular company is American Express. Subscribers pay a yearly membership fee. It is usually higher than the fee for bank cards. There is no spending limit. These cards offer proof of travel expenses and business travelers like to use them for this reason.
Affinity Cards
Some organizations like to have their names affiliated with credit cards. They are co-branded with a bank. They allow organizations like charity, sports teams, or oil companies to receive a small percentage of credit sales.
Retail Store Cards
Retail stores offer their own credit cards to customers. You can only use the crs at the issuing stores
]]> 2018-02-27 17:53:23 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/236039040 yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/236040106 2018-02-27 17:55:00 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/236040106 Loan yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/236064790 A loan is money that is borrowed and is expected to be paid back with interest. ]]> 2018-02-27 18:30:03 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/236064790 yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/236080197 Installment loan
Monthly payments in specific amounts over time
Single Payment Loan
You do not have to pay off your loan until the end of the loan period.
Secured loan
Lender can sell your collateral to get back payment of the loan if you don't repay it.
Student Loans
They are offered to college students to help the cost of higher education. There are two main types of loans,  federal and private student loans
Mortgages
There are loans given by banks that allow the borrower to buy a homes they cannot by upfront for.
Auto Loans
This is like mortgages, they are tied to your property. They help you buy a car but you risk losing it if you miss payments.
Personal Loans
These could be used for any personal things and they don't have a designated purposes. This depends on your credit history.
*There are more examples of loans and if you want to learn more go to the Reference box and click the link under loans*]]> 2018-02-27 18:49:33 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/236080197 References yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/236546760 Loans https://www.debt.org/credit/loans/
Credit
Dlabay, Les R., et al. Principles of Business. South-Western Cengage Learning, 2017.
Advantages and disadvantages of credit
http://mtstcil.org/skills/budget-12.html

]]> 2018-02-28 17:37:18 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/236546760 yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/236554793 2018-02-28 17:49:32 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/236554793 Pros yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/236555006  ~It Is easier to by things. 
~Convenient- you don't need to carry money with you
~You save money because you are able to take advantages of sales
~It is handy for making purchases over the phone, internet and and the mail.
~You can buy things that are needed at the moment but dont have money for it right now. 
~You are building your credit. If you have good credit you are able to get better loans, rental applications and sometimes even jobs 

]]> 2018-02-28 17:49:54 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/236555006 Cons yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/236566983 ~This costs more than paying cash. Interest and other charges could be added
~You can buy more than you can afford and ruin your credit score 
~When you buy something using credit you owe that money. It has to be paid back using your future income. 
~Credit card fraud. Depending on your company you can be charged money for losing it for multiple weeks.
~High interest rates and an increase in debt. If you don't pay off the amount you need to at the end of every month then bank increase you interest. This is how many americans go into debt.]]> 2018-02-28 18:07:04 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/236566983 Credit yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/236567751 2018-02-28 18:08:14 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/236567751 yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/236581989 2018-02-28 18:30:12 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/236581989 Interest yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/236582264 2018-02-28 18:30:33 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/236582264 yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/237747619 The cost of using someone else's money

To determine  the amount you need to know
P - Principal - Amount of the loan
R - Interest Rate - Percent of interest  charged or earned. This can be expressed as a fraction or decimal
T - Time - Length if time for which interest will be charged. They are usually expressed in years or parts of a year.

Interest = Principal x  Rate x Time

]]> 2018-03-04 01:56:19 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/237747619 How to establish Credit yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/237813307 ~Create a bank account
~Apply for a credit card
~Use the card and pay the bills on time. 

]]> 2018-03-04 16:31:31 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/237813307 Credit Bureau yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/237814368 ~This is a reporting agency, it gathers information on credit users.
~Banks, insurance companies and retail stores are customers of the credit bureau.
~Three major companies are Experian, Equifax, and Trans Union.
 ]]> 2018-03-04 16:39:21 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/237814368 Credit Reports yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/237815406 There are six parts
1. Personal  Information
2. Public records
3. Accounts in good standing
4. Adverse accounts
5. Credit history requests
6. Personal statements 

]]> 2018-03-04 16:47:17 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/237815406 yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/237816312 2018-03-04 16:53:45 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/237816312 FICO Score: yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/237816397 Helps lenders make accurate, reliable, and fast credit risk decisions across the customer lifecycle]]> 2018-03-04 16:54:28 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/237816397 Maintain Score: yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/237816602 Someone can maintain a good score by making payments on time and making purchases using their credit card]]> 2018-03-04 16:55:43 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/237816602 Avoiding: yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/237816957 Have a pin number so anyone can not just use the card

Shred anything with you card's number on it

Report any stolen credit card immediately ]]> 2018-03-04 16:57:50 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/237816957 Credit Fraud: yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/237816976 The fraudulent use of a credit card account through theft of the account holders card number. ]]> 2018-03-04 16:57:56 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/237816976 yamileb731 https://padlet.com/yamileb731/2i4lplrb0ht/wish/237817015 2018-03-04 16:58:15 UTC https://padlet.com/yamileb731/2i4lplrb0ht/wish/237817015