Kinds of Credit/Tipos de Crédito ( Publisher's URL )

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Kinds of Credit/Tipos de Crédito
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Fact Sheet
Harrison, Mary N.
Torres, Nayda I.
University of Florida Cooperative Extension Service, Institute of Food and Agriculture Sciences, EDIS
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Gainesville, Fla.
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Collected for University of Florida's Institutional Repository by the UFIR Self-Submittal tool. Submitted by Melanie Mercer.
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"First published: January 1994. Revised: December 2005."
General Note:
"FCS 5045"

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University of Florida Institutional Repository
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University of Florida
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All rights reserved by the submitter.
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FCS 5045 Kinds of Credit/Tipos de Crdito1 Mary N. Harrison and Nayda I. Torres2 1. This document is FCS 5045, one of a series of the Department of Family, Youth and Community Sciences, Florida Cooperative Extension Service, Institute of Food and Agricultural Sciences, University of Florida. First published: January 1994. Revised: December 2005. Please visit the EDIS Web site at 2. Mary N. Harrison, Professor, Consumer Education, and Nayda I. Torres, Professor, Family and Consumer Economics, Department of Family, Youth and Community Sciences, Cooperative Extension Service, Institute of Food and Agricultural Sciences, University of Florida, Gainesville, 32611. The Institute of Food and Agricultural Sciences (IFAS) is an Equal Opportunity Institution authorized to provide research, educational information and other services only to individuals and institutions that function with non-discrimination with respect to race, creed, color, religion, age, disability, sex, sexual orientation, marital status, national origin, political opinions or affiliations. U.S. Department of Agriculture, Cooperative Extension Service, University of Florida, IFAS, Florida A. & M. University Cooperative Extension Program, and Boards of County Commissioners Cooperating. Larry Arrington, Dean What Kinds of Credit Do You Need? Most of us use credit to get things we need or want without having to wait until we can pay cash. Merchants promote the use of credit because people buy more when they use it. If credit is used wisely, it can help you. If it is not used wisely, it can get you into big trouble. Applying for Credit To get credit you must apply for it. You do this by filling out an application. You must convince the merchant or creditor that you can afford the cost of credit and that you can be trusted to pay for it. The credit grantor will evaluate your application and decide if you are a good credit risk. A credit application may ask for information about: Where you work, for how long, and what you do, How much money you earn and any other income, Where you live and how long you have lived there, How many people you support, Who you owe and how much. Always answer all questions on the application completely and honestly. If the creditor finds you are not telling the truth or that you omitted information, you will not get the credit. Most creditors investigate to verify the information that you gave. The information they need relates to your character, capacity and capital. Character Refers to your reputation. How honest, dependable and mature you are. Capacity Refers to your ability to make payments on your account. It includes such things as: do you have a job, how much money you have saved, and your financial obligations. The Equal Credit Opportunity Act forbids denying a person credit because he/she receives Social Security or public assistance (welfare). Capital Refers to what you own, such as a car, a home, furniture or other things worth more than you want to borrow.


Kinds of Credit/Tipos de Crdito 2 Types of Credit Consumers use two kinds of credit. Each is for a different type of purchase. There are specific regulations and rules that apply to each type. With open-end credit, you can continue to buy things while you are paying for earlier purchases. When you get the bill, you may pay it in full. Or, you can pay a minimum amount and pay the balance over several months. A credit card is open-end credit. Even if you carry over a credit balance from the past month, you can still charge things. The amount of payment due is different each month. Closed-end credit requires you to sign a credit contract. This type of credit is for buying expensive things such as a car, house or furniture. You select the item and obtain credit or "financing" to pay for it over several months. Payments are the same amount of money each month. Generally, you are given a coupon book and you send your payment each month without receiving a bill. Choosing a Credit Card Shop for credit as carefully as you shop for any major purchase. There are major advantages to having credit available. However, it is important to use credit carefully and wisely. A credit card is a convenient source of credit. Your wise use of a credit card can help you establish a good credit record. In 1989, the Federal Reserve Board adopted a rule making it easier to compare the cost and terms of different credit cards. The rules require a chart to be used to show the credit terms. The chart must include the Annual Percentage Rate (APR), method of determining the unpaid balance, the annual fee, grace period, fee for exceeding credit limit, and any other relevant information. Look for a credit card with no annual fee, low APR, and a grace period. Credit Reporting Agency Most credit grantors use information from a credit-reporting agency when considering a credit application. Reporting agencies collect and keep information about your employment, income, debts, and promptness in paying, any legal actions, and family size. This information is supposed to be up-to-date and accurate. A credit-reporting agency does not give a credit rating. It gives information about people applying for credit. A special formula uses the credit report information to develop a credit score. The credit score predicts the likelihood the credit will be paid. Your credit score is very important. The higher your score the easier it is to get low cost credit. The creditor decides whether to give you credit. The decision is based on your record and the creditor's requirements. You may be refused credit by one company but approved by another that has different requirements. Federal law prohibits discrimination in extending credit. A lender must use the same standard for approving credit applicants. A person cannot be denied credit because of race, sex, national origin, source of income (if legal), or age. No one is guaranteed credit. Approval depends on the applicant's ability and willingness to pay the bills. Compare the cost of credit from different lenders. Find out the Annual Percentage Rate (APR) and other terms, then apply for credit at the place offering the best terms. Qu Clase De Crdito Usted Necesita? La gente por lo general usan crdito para obtener las cosas que necesitan o quieren sin tener que esperar a tener suficiente dinero para pagar en efectivo. Los comerciantes promueven el uso del crdito ya que las personas que lo tienen por lo general compran ms cuando lo usan. Si usted usa el crdito con sabidura el crdito le puede ayudar. Si usted no lo usa con cuidado, el crdito le puede causar grandes problemas. Solicitando Crdito Para obtener crdito usted tiene que solicitarlo. Usted hace esto llenando una solicitud. Usted tiene que convencer al comerciante o al acreedor que usted es un buen candidato para obtener crdito. El acreedor evaluar su solicitud y decidir si usted es un buen riesgo de crdito. La solicitud de crdito le perdir informacin sobre:


Kinds of Credit/Tipos de Crdito 3 dnde usted trabaja, por canto tiempo, y que usted hace, cunto dinero usted gana y cualquier otro ingreso que tenga, dnde reside y cunto tiempo hace que vive ah, cuntas personas usted mantiene, cunto debe y a quien. Siempre conteste todas las preguntas en la solicitud con certeza y honestidad. S el acreedor averigua que usted ha mentido o ha omitido informacin, usted no recibir crdito. La mayora de los acreedores investigan para corroborar la informacin que usted ha dado. La informacin que necesitan para determinar si usted es digno de recibir crdito se relaciona con su carcter, su capacidad y su capital. Carcter Se refiere a su reputacin. Cun honesto, digno de confianza y maduro usted es. Capacidad Se refiere a su habilidad de pagar su cuenta. Incluye cosas tal como si usted tiene trabajo, cuanto dinero tiene ahorrado y sus obligaciones financieras. El Acta de Igualdad de Oportunidades de Crdito prohibe el negarle crdito a una persona debido a que el/ella recibe Seguro Social o asistencia de Bienestar Pblico. Capital Se refiere a las cosas que usted posee tales como su automvil, su vivienda y sus muebles que valen ms de lo que usted quiere tomar prestado. Tipos De Crdito Los consumidores usan dos tipos de crdito. Cada tipo de crdito es para ser usado en un tipo de compra diferente. Regulaciones y reglas especifcas existen que se aplican a cada tipo de crdito. Con crdito abierto, usted puede adquirir artculos y servicios antes de tener que pagar los cargos anteriores. Una tarjeta de crdito es un ejemplo de crdito abierto. Cuando usted recibe la cuenta usted la puede pagar en total o puede pagar una cantidad mnima y pagar el balance sobre un perodo de tiempo. Aunque usted tenga un balance adeudado del mes anterior, usted puede seguir cargando hasta que llegue a su lmite mximo. La cantidad a pagar ser diferente cada mes. El crdito cerrado requiere que usted firme un contrato. El crdito cerrado es usado para comprar artculos de alto costo, tales como un automvil, la vivienda or muebles. Usted compra el artculo y lo paga sobre un perodo de tiempo predeterminado. La cantidad a pagar es la misma todos los meses. Por lo general usted recibe un libro de pagos y usted enva los pagos sin recibir una factura. Negociado De Crdito La mayora de los acreedores usan informacin de las agencias que reportan sobre el crdito cuando consideran la solicitud. Las agencias que reportan sobre el crdito recogen y mantienen informacin sobre su empleo, ingreso, deudas, prontitud con que paga, cualquier accin legal contra usted y tamao de su familia. Esta informacin esta supuesta a ser corriente y ser correcta. Las agencias que reportan sobre el crdito no le dan una informacin sobre las persona que estn solicitando crdito. Se calcula la solvabilidad por medio de un figurado especial que incorpora la informacin en el informe del crdito. La solvabilidad predice la probabilidad que se puede liquidar la deuda. su solvabilidad es altamente importante. La mas alta la solvabilidad, lo ms fcil es obtener un tipo de inters bajo. El acreedor es el que decide si le va a dar crdito. La decisin est basada en su registro y en los requisitos que el acreedor impone. Una compaa puede decidir no darle crdito pero otra puede que se lo conceda. La ley federal prohibe el discriminar al dar crdito. El acreedor tiene que usar las mismas normas para aprobar las solicitudes de crdito. A una persona no se le puede negar crdito debido a su raza, sexo, pas de donde precede, fuente de ingreso (s es legal), o edad. Nadie tiene el crdito garantizado. El que se lo aprueben depende de su habilidad y deseo de pagar sus facturas.


Kinds of Credit/Tipos de Crdito 4 Compare el costo del crdito que le ofrecen diversos acreedores. Averigue la Tasa de Porcentaje Anual y los trminos. Pida esta informacin. Solicite solo en el lugar que ofrece los mejores trminos. Solicite Una Tarjeta De Crdito Al adquirir crdito use el mismo cuidado que usa al hacer compras mayores. Hay ventajas al tener crdito disponible. Recuerde que es importante usar el crdito con cuidado. Una tarjeta de crdito es una fuente conveniente de crdito. S la usa responsablemente, usted puede establecer un buen registro de crdito. En el 1989, la "Federal Reserve Board" adopto una regla de manera que es ms fcil comparar el costo y los trminos de las tarjetas de crdito. La regla requiere que se use una tabla para ensear los trminos del crdito. La tabla tiene que incluir la Tasa de Porcentaje Anual, el mtodo usado para determinar el balance a pagar, las tarifas a pagar por exceder el lmite de crdito pre-establecido y cualquier otra informacin relevante. Busque una tarjeta sin cuota anual, con un tipo de inters bajo, y que tiene un plazo de gracia.