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Hi I'm Barbie! I just bought my dream house and I used my credit card. I'll teach you about credit so you can too!
What is credit? It is when you get something now and pay for it later.
There are lots of different sources of credit, such as mortgage, credit card companies, banks, car dealerships, and pawn shops.
Your credit score is based on how well you are at paying of loans. You get a credit score when you begin using credit. A good score above 700 is a good score, where anything below that means bad credit.
Barbie, you're one to talk, your credit score is awful! Do you even know what a credit score is, or what it does for you?
What no! My credit score is just fine. Well at least i think it is... what is it again?
Well I didn't know that but I do know that when I use my credit card, I'm using money the bank loans me, that I pay back later.
That is right, but did you know there is two types of credit?
There are closed end and open end types of credit. Closed end is when you pay back full amount in small increments at a time. And opened end is a revolving credit, such as credit cards.This is when you have a certain amount of money and pay it back as you use it.
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