Comic Strip econ

Comic Strip econ

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Storyboard Text

  • 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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