Business credit comic

Business credit comic
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  • Oh shoot, Sammy's birthday is only a couple days away and I haven't gotten him anything
  • Morning Sammy
  • Morning Dad!
  • Yea...
  • Just finished my breakfast, going to school now. Man can't believe my birthday only a couple of days away
  •  Bob wakes up one morning to his alarm to find out that it's his son Sam's birthday in only a couple of days
  • What now? Sammy's birthday is so close, my pay doesn't come in until the day after Sammy's birthday, and I can't risk paying with the money I have now without going over the budget. Unless I can try credit...
  • Bob finds Sam already ready for school and eating breakfast in the dining room
  • So it says here that I can safely create a credit card account by knowing my credit score, having low enough debt, and including all of my types of income in the application.  
  • As Sam leaves, he reminds Bob that his birthday is only a couple of days away which freaks out Bob knowing that he hasn't gotten a present for same left
  • Wow! It looks like I'm accepted to this bank for having a good credit report and  good credit score. Now that i have a credit card, I can use it to pay for Sam's present, just gotta make sure I don't go on a spending spree with it like buying ridiculous clothes or items, I don't want to get a bad credit score and high debt
  • Bob starts to plan out how he's going to pay for Sam's present which is a video game. Then Sam starts wondering if he should use credit, which is a form of payment in which the borrower would borrow a certain amount of cash with the promise of paying it back with a little extra
  • Bob goes into the living room and uses his cell phone to apply for a credit card to help him pay for Sam's present. As he researches for cards he finds out that there's closed credit and open credit. Closed credit is a loan that one must pay in a specific amount of equal monthly payments. While Open credit is a line of credit established in advance so one doesn't have to apply for credit each time new credit is desired.
  • d After a while of paperwork and calls, Bob finally is able to get a credit card thanks to his good credit score and report. Credit score is  a numerical summary of your credit history that indicates the likelihood of one repaying off a loan as agreed while credit report is is the record of your use of credit.
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