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Individual Development Account

Credits and Loans Instruction

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Please review the Table of Contents for the Credit and Loans section.We will cover two areas important to your financial well-being.Credit – the importance of having good credit so you can access borrowed money for large ticket purchases such as cars or houses.

Loans – the result of having good credit. If a person is credit-worthy and has a source of income from which to repay a loan he/she is more likely to receive a loan from a financial institution.

Pages 1, 2, 3. and 4. Read these pages very carefully. On these you will learn:

  • How Your Credit History Affects You How to Establish a Credit History What Questions You Will be Asked When You Apply for Credit If You are Approved for Credit What You Should Do Why You Could be Denied Credit What is in Your Credit Report The Advantages of Using Credit The Disadvantages of Using Credit
  • What You Should Do Before You Apply for Credit

 


Page 5

Complete this exercise and list ways to establish credit


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