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Credit Report Essay

Decent Essays
Credit Report
I do not have a credit report because I have not yet established credit for myself. I had not starting getting credit built up because I never needed to in the past. I never saw a point in owing anyone money for things that I was capable of buying right then and there with cash. After watching all of Dave Ramsey’s lectures and going through his workbook learning about the kind of debts that credit can get you into, I do not know that I will be using credit, unless I find myself in a situation where I absolutely need to. With that said, in this day and age it is very difficult to purchase big items such as a home or a car without having credit in your name. I feel I could be turned away from buying a home because of the lack
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The rental insurance is $23.67 per month or $224 in full (“More than just car insurance”). I will be spending the $23.67 per month for the place that I am renting due to the fact that I do not know how long I will be living there.

Credit Debt
My payment plan for the $5,000 worth of credit card debt that I have is to pay $300 per month for 19 months. In that time, I will pay $642.02 in interest. I chose to pay $300 per month because my budget allows me to. The minimum payment is $112.50 per month for 266 months and I would have to pay $5,729.19 in interest (“How much will the minimum”). But with the job that I have, I am able to pay the $300 a month and reduce the amount of interest that I am paying.

Conclusion
Now that I have done this project I have a greater understanding of how I can plan for my future. Some of the aspects of this project were unrealistic for me to do directly out of college, such as already having a planned job and a place to live. This is unrealistic for me because I am an actress and my goal is to tour the country with a regional production of a show. This means that I will live in new places almost every night and I would not have to worry about paying rent and utilities and such. It also means that I will not know my salary until I find a company to work for and develop a contract with them. With that said, this project gave me an idea of what it will be like when I do finally settle down in New York in an apartment. I
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