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► Orientation   ► Budgeting   ► Establishing and Maintaining Credit   ► Shopping for a Loan to Buy a Home
   


 

Step 1 - Understanding Credit and Why We Want It?

  • To establish a credit history
  • To make large purchases
  • For convenience
  • For status
  • Insurance companies (auto, life, home)
  • For employment
  • To rent an apartment

Click here to review Understanding Credit and Why We Want It

To Borrow or Not To Borrow . . .

It's a good idea to borrow for the following (if you need to):
  • A home that might increase in value
  • Quality home improvements or large maintenance projects like a roof or furnace
  • A college education
  • A reliable car

You may need to borrow for the following items, but pay the debt back as soon as possible.
  • Uninsured medical bills
  • Family emergencies
  • Household emergencies
  • Establishing or re-establishing credit

Do not borrow for the following items. Instead budget, save, and wait until you can pay cash for these items.
  • Vacations
  • New furniture
  • Computer or Electronic equipment
  • Boat or motorcycle
  • Entertainment equipment


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Establishing and Maintaining Credit
•   Understanding Credit and Why We Want It?
•   Understand Why a Good Credit History is Important
•   Understanding How to Establish a Good Credit History
•   Manage Your Credit
•   Understand Your Credit Score
•   Look Out For The Fine Print
•   Understand Credit Bureaus
•   Understand the Content of Credit Bureau Reports
•   Review Your Credit Reports for Accurate Information
•   Re-establish Credit
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