About Different Types of Credit

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Credit is a way that financial lives are managed in America, and it's important to have a good credit rating with a financial institution. Learn about academic credit for student loans and mortgage credit, among others, with help from a registered financial consultant in this free video on money management and personal finance.

Part of the Video Series: Money Management
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Video Transcript

This is financial adviser, Patrick Munro talking about different types of credit. Credit, of course, is a way that we manage our financial lives in America. It's important to have a good credit rating with a financial institution so that you can enhance the best credit for your purposes. There are different types of credit, ranging from academic credit for student loans, you can have home, mortgage credit when you want to acquire a home, of course there's always the auto loans to acquire an automobile or transportation. The way you would qualify for each type of loan is of course, different as well. So it's important when you are aware of the different types of credit, to keep your records, also, in pristine condition. Make sure that you maintain a clear job history, that you try to save as much money as you can, so you can equity to put down. The bank, or a financial institution is going to require you to have some skin in the game, as it were. It's called equity in the world of loans. And with that in mind, that's what we're looking at when it comes to the different types of credit. This is financial adviser, Patrick Munro talking about the different types of credit.

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