Credit

Restore, Optimize, Leverage

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RoseAllure (Credit Goddess)
CEO of Budget Credit 360

As a Certified Credit Consultant, Rose assists clients in budgeting their finances, starting lucrative businesses, investing in real estate, preparing for retirement, and more. She's an advocate for change and she loves what she does

Financial specialists are 3rd party vendors and NOT employees of The Queen BluePrint

What is Credit?

Credit is the ability to borrow money or access goods or services with the understanding that you'll pay later.

Lenders, merchants and service providers (known collectively as creditors) grant credit based on their confidence you can be trusted to pay back what you borrowed, along with any finance charges that may apply.

To the extent that creditors consider you worthy of their trust, you are said to be creditworthy, or to have "good credit."

Information in your credit report includes:

  • The number of credit card accounts you have, their borrowing limits and current outstanding balances

  • The amounts of any loans you've taken out and how much of them you've paid back

  • Whether your monthly payments for your accounts were made on time, late or missed altogether

  • More severe financial setbacks such as mortgage foreclosures, car repossessions and bankruptcies

There are four types of credit:

  • Revolving credit: With revolving credit, you are given a maximum borrowing limit, and you can make charges up to that limit

  • Charge cards (AKA Store Cards): Cards issued by retailers for use exclusively in their establishment

  • Service credit: Your contracts with service providers such as gas and electric utilities, cable and internet providers; cellular phone companies; and gyms are all credit agreements: These companies provide their services to you each month with the understanding that you will pay for them after the fact

  • Installment credit: Installment credit is a loan for a specific sum of money you agree to repay, plus interest and fees, in a series of equal monthly payments (installments) over a set period of time

Why do you need good credit?​

  • Lenders use this to determine your rate of riskiness when allowing you to borrow money

  • Landlords may check your credit when deciding if they'll rent you an apartment or determining how large a security deposit to require

  • Insurance companies may use your credit scores as factors in determining your rates

  • Utility companies may check your credit before deciding to let you open an account or borrow equipment

  • Prospective employers may use information found in credit reports to make a hiring decision

  • Your credit report can even be used to verify your identity, and for other purposes defined by federal law

excerpts used from Experian.com

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