These two words sound similar, but in fact they are very different: debit and credit. This month, Young Americans Bank introduces these two concepts to help youth understand what they are and how they are used in the banking world. Credit The term credit relates to borrowing. When using a credit card, you borrow money from the credit card company to …
What is a credit score? A credit score is a number that banks and financial institutions use quite a bit. This number determines whether the bank approves you to use a credit card or to take out a loan or mortgage, and this number also determines the interest rate you’ll pay if approved. In short, this number determines your creditworthiness. …