credit

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For this assignment I attended a credit card workshop. I decided to attend the “know your credit score” workshop for class because I wanted to get a better understanding of how credit works. Currently, I do not own a credit card and I am not too familiar with how the process of getting one and maintaining a good credit score works. Since I will be graduating this coming June and credit card companies will be contracting me soon after, I felt as though it would be to my best interest to start building a basic knowledge of how credit cards work. Additionally, I felt this workshop was important to attend because it would give me insight in how to maintain a good credit score and avoid some of the common mistake the people make with their credit cards. Lastly, since ones credit score is the basis of how they are judged of their reliability to payback loans and other general purchases I felt as though this would be a very informative and helpful workshop to attend.
The biggest thing I learned during the workshop was about interest rates. While I was already aware that one is charged interest one the money they charge to their credit card I was did not know of the different levels and type of interests that could be charged. For example, the Annual Percentage Rate (APR), which is the percentage you pay if you carry is a balance on a credit card, is often charged to the highest balance you currently owe that is over the minimum balance. This taught me that it is important to be wary of making charges to my credit card that are drastically over the minimum amount because then I will end up paying more of it with interested on top of its original cost. Knowing this now, I believe it will help me with my finical planning when charging expe...

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...and types of credit make up the least impact portions of a FICO score and these are ones recent credit history and the number of accounts and types they have open. I found this to be very informative because I had never heard of a FICO score before and only thought that a credit score is what one is judge by. From this knowledge I gained I know plan to have make sure I always pay back what I owe right away and to have a number of accounts open.
Overall, I found to credit score workshop to be highly informative. While, this workshop might not directly effect what I do at my internship it will have long-term benefits in my personal finical career. I now know some of the basic in and outs of how the credit system works in the Untied States and feel as though I am better equipped to handle my personal finances as I etner into the next stage of my life after college.

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