Credit history. The bulk of your credit report consists of details about credit accounts that were opened in your name or that list you as an authorized user (such as a spouse's credit card).…
A credit card is often necessary, particularly if you are going to school far away from home. However, be smart about your decision. Research your options and select a card that has a low interest rate. Also, make sure there aren't any annuals fees and don't be tempted by high credit limits. Those are just a recipe for disaster.…
1. The first thing any lender wants to know is whether you've paid past credit accounts on time. This is one of the most important factors in a FICO® Score. Having credit accounts and owing money on them does not necessarily mean you are a high-risk borrower with a low FICO® Score. In general, a longer credit history will increase your FICO® Score. However, even people who haven't been using credit long may have a high FICO Score, depending on how the rest of the credit report looks.…
A credit score is important because it is a determined measure of an individual or business’s credit worthiness. It is vital in the ability to borrow money on credit, but also can play a role elsewhere. A credit score can determine whether or not an individual will gain a certain employment opportunity. Credit score can also can determine an individual’s insurance rates.…
Your credit score is a three-digit number generated by a mathematical algorithm using information in your credit report…
In the lending industry, the FICO score is a tool used by financial institutions to asses a borrower's ability to pay a loan back on time. This assessment will determine what interest rate the borrower will pay and also whether or not they are granted the loan at all.…
6. If you had no credit history yet but wanted to establish one, describe what you could do in order to establish a credit history. (3-6 sentences. 2.0 points)…
If you have a credit card, pay off the balance each month. By doing so, you avoid the risk of late dues or unnecessary fees. In general, you should try and only use your credit card for emergencies. You might want to go ahead and spend money on your credit card, but you should focus on school and not spend money on entertainment. You could find yourself quite distracted by financial difficulties.…
Installment loans include (1) automobile loans, (2) loans for other consumer goods, (3) home repair and modernization loans, (4) personal loans, and (5) credit card purchases…
Do you think it would be better for people to graduate early? Here are some reasons why not, It hurts their overall education, they don’t get much time to really decide what job they want later in life, they wouldn’t be mature enough. Others say it’s better because they get into the workforce faster and they wouldn’t have to worry about another year of stuff they already know.…
Capacity means the ability or intent to repay your debts, basing it upon your household cash flow; lenders typically follow different methods to consider my expenses relative to the person’s income.…
2. What is a credit score? credit score or credit rating is a number that tells lenders how likely you are to make payments on time. (0.5 points)…
College debt is one of the worst debts that you can have because even if you declare bankruptcy you still have to pay the money back. Once there was a man who went to harvard college and he went to be a policeman. little that he had knowed that he was 86,562 dollars in debt and could not pay back the money because he was so much in debt that he declared bankruptcy and lived his life for a while till he tried to buy a new car and found that his credit was bad and that he had not made payment on his college debt and he went through a private loan and now he owns around 100,568 dollars in debt. The story that you should take away is that do not stop paying your college debt.…
This year the average college student will graduate with at least $20,000 in student loan debt (College access and success). For years higher education has been worshiped with God like influence as a way to escape poverty and attain a career and live the American life. With the rising college tuitions it has become increasingly harder for the middle class to afford college and reap the benefits. Seven out of ten students, will have a burden over their shoulders for years to come as to how to repay the debt. Debt is no respecter of persons: business owners, single parents, teachers and seniors to this day are still constantly bombarded with debt.…
Student debt in on the rise. It arises from the increasing college tuition costs. It makes college attendance prohibitive to many people. Additionally, it translates to a higher student loan debts. College is expensive, to a point that many people consider it a dream come true to attend college. The current developments in the world mean that there are an ever-increasing number of new courses. Moreover, the costs are on the rise to remain current with educational developments. Individuals who are disproportionately affected include people of color and the poor.…