Class notes
Credit Card Notes
- Course
- UCOR 1200 04
- Institution
- Seattle University
Notes on the subunit, (credit cards) for the financial math unit of the Mathematical Reasoning course.
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Credit ScoreYour credit score is a number between 300 and 850. Why should you care
about your credit score? Lenders use it to decide how much money to loan to
you and at what rate. The higher your score the lower your interest rate will
be when borrowing money to purchase a car, house, etc.
How is your credit score calculated? The two most important factors are
1. Payment History: Lenders look at credit card behavior and installment
loans (mortgages, student loans). Improve your score by making
consistent timely payments.
2. Credit utilization: The percent of available credit that has been borrowed.
Try to maintain low credit balances (<30% of credit limit). Lenders
view people who habitually max out credit cards as people who can’t
handle debt. Your repayment history and level of debt are important
factors in determining your credit score.
Bills :
Balance : How much
you
owe
Minimum to avoid late fees
payment
:
* If don't balance in full that
you pay ,
when interest accumulates
, How do Credit Cards work?
Student credit cards are designed for building credit. They have a low
maximum loan amount. An internet search (eg “best student credit cards”)
gives lots of offers.
How are the new balance and finance charge on a credit card determined?
-
average daily balance method
transactions)
(including new
In
general
-
-
Example:
&
New balance-old unpaid charges
↑ possible late fee
+ new
charges
↓
possible interest
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