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How much do I spend on living expenses each month' Questions to ask before applying for credit That line of credit will now appear on the cosigner's credit report and any late payments made will adversely affect the cosigner's score just as much as it would if it were in one name only. If you are ever asked to cosign for someone, remember that you are assuming 100 percent of the financial responsibility and not 50 percent. Some institutions may require a cosigner when a person is building up credit. One lesser known way is to have a land line telephone installed and billed in your name. Once that's done they can apply for a department store credit card, gas card, bank credit card, short term cash loan from a bank or a secured credit card. To establish credit a person must first open a checking or savings account.
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The process of establishing good credit requires borrowers to take out lines of credit and prove, over time, that they can make full and on time payments. With a debit card, funds are drawn directly from one's checking account as items are purchased.) (Note that a debit card is not a credit card, though it can be used the same way.
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They can be looked at as interest free loans if paid in full each month.
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The items purchased may be used as security for the loan.Ĭredit cards: may be issued by financial institutions, individual retailers or businesses. Installment credit: also known as an easy payment plan, a borrower can take goods home with the promise to pay later, in scheduled installments. Payment terms vary from days to years, and may require regular payments over time or a final payment of one lump sum. Loans: can be secured, requiring the borrower to put up collateral such as a car or home if payments are not made, or unsecured, requiring no collateral. Service credit often requires a deposit and has penalty fees for late payments. Service credit: a line of credit extended by a phone or other utility company. It is easy to overspend when using credit and one may come to find over time that they feel as though they are always paying for past financial mistakes. There can also be a false sense of financial security when credit is used too often leading one to believe that he or she can afford something when they cannot. However, every time a person uses a card some of their financial flexibility is lost, obligating them to make the minimum monthly payment on the balance now owed. Credit is also often necessary to make reservations or order items over the phone or online. It can come in handy in case of an emergency, and it can enable one to make large purchases that can be payed off over time that they would otherwise not be able to afford. It's the answer to the question, "how likely is this person to make full and on time payments on their debt'" A person's credit score is a way for creditors to make a quick assessment.Īdvantages, disadvantages of using credit "If someone comes to us in need of a service we cannot provide, then we can outsource or use another resource off the installation to get them the help that they need," Ethridge said.įor more information on Hearts Apart or other ACS programs, contact Ethridge, 41 or e-mail following is a synopsis of Alleyne's seminar on using credit wisely.Ĭredit is one's reputation as a borrower. The wide range of services available through Hearts Apart include financial readiness counseling, relocation counseling, deployment and mobilization assistance and support, Family employment readiness and more. "All of our services are free, and available to all Army military and civilian employees." "We want to expose and showcase the talents of our staff that we have here at Army Community Service so that Family members will know what types of services and resources they have at their fingertips," Ethridge said. Phyllis Ethridge, ACS relocation readiness specialist, explained that the seminar is typical of what ACS is trying to accomplish through its Hearts Apart program. "Don't be complacent with making the minimum payment, because all you're doing is making the credit card companies richer, and it's going to take you a very long time to pay off your debt," he said.
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Alleyne, ACS financial readiness program manager, said that if there is one piece of advice that he could stress above all, it would be to always pay more than the minimum payment on credit cards.
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Aberdeen Proving Ground Army Community Service, Hearts Apart, hosted a free seminar April 1 to give attendees a basic understanding of the types of credit available and how to use them to their advantage.