for perfinlit 7th period.
Hey mom! Since I'm 18 now, can I get a credit card?
Well, I'm taking a financial literacy class in school and the teacher taught me some things, like needing a co-signer and spending less than the credit limit. There was also this thing about credit score, a number that represents how credit-worthy a person is.
Sure, Mae , but first, you have to know how to use it.
Also, we learned more stuff about credit like, how a credit card is open-ended, meaning that I don't have to apply for it every time I want, I just need to pay the amount I spent in a later time. More about credit score and how to improve it by not going over the credit limit and paying bills on time.
Wow, she really wants a credit card.
One more thing about credit score is that you can estimate what your credit score is through FICO.
Okay, now, do you know about credit reports?
Well, I know that credit report shows your history of using credit, including the accounts you have (both opened and closed), your payment history, credit limits, and amounts owed.
That's good! Another thing that you should know about a credit report is that negative references do not remain on your credit report forever
Also, you can check your own credit report and score without affecting your FICO credit score. If you can deal with the responsibility of having a credit card, meaning following all rules, then I'll let you get one.
YAY! Don't worry, I'll make sure to keep my credit score high and check my credit report often.
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