Comic Strip econ
By milktea, Updated
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Max! I heard Daddy is getting you a credit card! No fair! I want one too
Yes he is, a credit card with a cosigner to be exact
What is that?
Well Amy, it is a type of credit card that has a cosigner that is equally responsible for repaying the debt
How come he is giving one to you and not me?
Because I'll be going off to college soon and the credit card is a good way to start building up my credit score. Wait until you are older.
Well Amy, you do have a lot of closed-end credit, maybe you should try to open more open-end forms credits
Ugh, Mary, my credit score isn't as good as I want it even though I pay everything on time
What does open-end and closed-end credit mean?
Open-end credit is a line of credit established in advanced like my credit card while closed-end credit is when the borrower repays a specific number of equal payments like a mortgage
Because having different kinds of credit looks good on your credit history.
Why does it matter if I open more open-end credit?
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