AHRM 2304 Lecture 6: AHRM-2:23:17 Class Notes
8 Mar 2017
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Credit score: bankruptcy will be on your credit for ten years, others are seven years, payment history is most important, are you paying on time, single most important factor determining approval, bad score=high interest. Ignoring score could cost you money: your credit past is your credit future. Establishing credit: opening checking and savings account, having cell phones and utilities paid in your name, get one card and make small purchases, ask a bank for a small, short-term cash loan, stay current on your student loans. Build a strong credit history by: not getting overextended, fulfilling all the terms of credit obligations, consistently paying on time, immediately notifying creditors if unable to pay, being truthful when applying. Credit card act: credit card accountability, responsibility, and disclosure act, protect consumers against some of the worst abuses by credit card lenders, protects under-21 consumers, rate increase protection, debt pay off transparency. Advantages of credit cards: financial security, simplified record keeping, convenience and emergencies.
