Gecko vs Credit: Who Will Win? By: Alissa Schwartz and Carolyn Mills
I'm ready to buy a gecko!
Ok, how are you going pay for him?
I would like to pay with my credit card.
Why does this always happen to me?
Sorry ma'am but your card is not coming through our system.
Oh no, I am so sorry. I will have it fixed and come back tomorrow.
Help me! My credit card keeps denying my purchases and I don't know what to do! How do I even manage my credit?
Carolyn seeks help from her friend Alissa who invites her over...
You might be making too many purchases that require a loan, which uses credit. Using credit refers to borrowing money. Do you have open or closed-end credit?
What's the difference?
Closed-end credit is a loan which you must repay in a specified number of equal monthly payments. Open-end credit is extended as a line of credit established in advance, so you do not have to apply for credit each time credit is desired.