What is credit?
A loan that is repaid over a period of time.
Are there disadvantages to credit use?
There is a negative effect on financial flexibility, it is tempting to spend more money, and interest is costly.
What is a credit score?
A numerical value ranging from 300-850 used to determine if you would be someone that would pay back money that they let you borrow
What is interest?
When you borrow money, you have to pay the borrower a fee for borrowing the money, called interest.
What is deferment?
A period of time during which your loan holder suspends your regular loan payments.
How can I build my credit score?
You can ask your parents if they will add them to their credit accounts, ake sure cell phone bills and, if you move off campus, utilities and apartment leases are in your name, and apply for a secured credit card.