Kane Creed 2017-2018

 Name: ____________________________ANALYZE: Should They Open a Credit Card?Part I: Should these people open an account? Read each profile below and answer: Should this person open a new credit card? What evidence from their profile or assumptions are you basing your decision on? What’s one more piece of evidence you’d like to know about this individual before making an ultimate decision on whether they should open the account? If they do open the new credit card account, what’s one thing this individual should monitor or use caution about? 1.Elena is in her first year of college, living away from home on the college’s campus. Her parents pay room and board, and she’s got loans, grants, and scholarship paying for tuition. She has her own checking and savings accounts and a 10-hour per week work study job. She doesn’t have any credit cards right now. a)b)c)d)2.Miguel is starting his fourth year of medical school; his ultimate goal is to become a pediatric surgeon. Med school keeps him so busy that he definitely doesn’t have time for a parttime job. He’s been using his savings for day-to-day expenses, but he’s down to $3,000, which won’t last him the full year. He’ll begin earning money next year, once he starts his residency. He has one credit card right now, but it’s a store card at his favorite clothing store, and it only works there, not for other purchases. a)b)c)d)3.Crystal took time off after high school. During the first year, she worked full-time and moved out of her parents house. Responsible for her own expenses, Crystal took out a large car loan which she quickly fell behind on in payments. She also overdrew her checking account numerous times, spending money she didn’t have to live a fun, carefree lifestyle. In year two, she traded in the car for a much cheaper one, settled her outstanding debt on the car loan, and put herself on a much stricter budget. Now she’s moved back in with her parents and enrolled in community college. Crystal’s considering applying for her first credit card. a)b)c)d)4.Graduating from college two years ago, Marshall lives a solidly middle-income lifestyle. He’s paying his student loans, his rent, and all of his other expenses on-time. He has 6 credit cards open already, each of which he signed up for because of introductory perks like 0% interest for the first year, free airline miles, and 20% off his first month’s purchases at his favorite store. He pays his full balance each month and stops using the card once the initial features expire. He wants to open a 7th card that’s offering free one-way flights to the Caribbean; he has enough money saved to pay for the return flight and other aspects of the vacation. a)b)c)d)Part II: Write your own credit applicant profilesWrite three fictional profiles in the space below: One should be for someone who would benefit from opening a credit card accountOne should be for someone who should not open a credit card accountOne should be for someone who could go either way on whether a credit card is a good idea right now. Write the three profiles in a random order. 5. PROFILE 16. PROFILE 27. PROFILE 3 ................
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