Credit Abcs for Teens: Understanding the Basics

By Karen J. Gurley

Finally, a book dedicated to educating teenagers about the basic elements of credit management before they become eligible to submit their first credit application!
Credit ABCs for Teens is a relatable and easy reading book that explains the basic facts of credit with a creative spin. It sets the foundation for understanding credit and all of the fundamental components that make up the credit process.

After reading Credit ABCs for Teens, teenagers will be prepared to start the journey of credit management and be inspired to practice positive credit behavior and learn how to take advantage of all of the benefits of using it wisely.

• Language: English
• Publisher: AuthorHouse
• Release date: Jan 23, 2023
• ISBN: 9781665578325

Karen J. Gurley

Karen J. Gurley is an entrepreneur and business professional residing in Atlanta, Georgia. She has several years' experience in the government and private sectors in the areas of Information Technology (IT), Finance, and Marketing. A Wake Forest University MBA graduate, Georgia State University undergraduate, and a business owner, Karen recognized the importance of maintaining an excellent credit score after many years of having bad credit that started in her early years of college. Because of the lack of credit management education before she was introduced to credit and the continued lack of credit management education that still exists today, Karen was inspired to write Credit ABCs for Teens to help our youth have a basic understanding of financial credit management and how the power of their discissions with that credit will influence the life they lead.

Book preview

2022 Karen J. Gurley. All rights reserved.

Credit ABCs™ is the exclusive registered trademark of Karen Gurley.

No part of this book may be reproduced, stored in a retrieval system, or transmitted by any means without the written permission of the author.

Published by AuthorHouse 01/06/2023

ISBN: 978-1-6655-7833-2 (sc)

ISBN: 978-1-6655-7832-5 (e)

Library of Congress Control Number: 2022923292

Because of the dynamic nature of the Internet, any web addresses or links contained in this book may have changed since publication and may no longer be valid. The views expressed in this work are solely those of the author and do not necessarily reflect the views of the publisher, and the publisher hereby disclaims any responsibility for them.

This publication is designed to provide accurate and authoritative information

in regard to the subject matter covered. It is sold with the understanding

that the writer is not engaged in rendering legal, accounting, or other

professional services. If legal advice or other expert assistance is required,

the services of a competent professional person should be sought.

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CONTENTS

Acknowledgments

Preface

Chapter 1: Credit ABCs — Why The Basics?

Chapter 2: Credit ABCs: The Letter A — About Credit Bureaus

Credit Bureaus

Credit Report

Establishing Credit for the First Time

Credit Score

Quiz

Chapter 3: Credit ABCs: The Letter B — Bad Credit Equals Collection Agencies

How Does It Work?

How Does It Impact Your Credit Score?

How Much Does It Cost?

Quiz

Chapter 4: Credit ABCs: The Letter C — Credit Protection Helps You

Why It Is Important

Ways to Protect

Quiz

Chapter 5: Credit ABCs — Conclusion

Quiz Answers

Glossary of Terms

References

ACKNOWLEDGMENTS

I am very honored to have this opportunity to share such empowering information to so many wonderful teenagers. Thank you so much to all of you who are interested and take time to read Credit ABCs for Teens, Understanding the Basics.

With deep love from my heart, I’d like to dedicate this book in loving memory of my parents, Arthur Jr. and Luzean Gurley; my mother, Mattie Louise Gurley and my niece, Mrs. Candace Tucker. I love you all and I miss you oh so much.

I also give a big shout out to my little doggie and best friend, Emoji.

PREFACE

We are a society that encourages the use of credit for every purchasing decision in our lives. We use credit for food, clothes, phones, bills, cars and homes; we use credit to purchase everything. However, we do little to teach people how to use credit in a responsible way. This notion is evident in the high number of credit restoration services available throughout our country. Based on statistics from moneytransfers.com, there are 43,791 credit repair service businesses in the United States and the industry’s market size is expected to grow by 9.5% in 2022. In addition, the number of applications for bankruptcy increases each year. According to Debt.org, the number of bankruptcy filings in the United States has steadily increased over the last century, and especially so from 1980 to 2005.

The opportunity to establish credit is afforded to everyone once they turn 18 years of age. Teenagers under 18 years-old cannot apply for a credit card without a parent’s co-signature. However, due to the 2009 Card Act, people under 21 and lack a credit