In addition, addressing credit reports and scores and what impacts is important as they are a tool any adult will need to utilize (Hunt,…
It may seem like you'll never be able to rebuild your credit, which can make it difficult to ever qualify for an auto loan, mortgage, or credit…
In this worksheet, I was able to rate myself according to the five C’s of credit. The lesson I learned from this worksheet is that it is never too late to improve my situation. By setting goals and accomplishing them, I will be able to increase my credit with a new job, higher wages, or investment income. By improving my finance situation, I will be able to positively affect my capacity, and better condition for a loan. This creditworthy test is important to better understand a person’s situation and see the qualifications of the borrower.…
Good FICO® scores make it easier, and less expensive, to finance large-ticket items like cars or houses. That is why it’s so important to understand how your FICO score is calculated and what you can do to make it better. There are five different elements that make up your score, and they take into account both positive and negative information in your credit file. Another important thing is that some are weighted more heavily than others. Let’s take a look at each: 35% payment history…
Entering the adult world a few people have no clue what a credit score is until it is time to apply for a loan or they need to buy a new car. A credit score is the number lenders look at to approve and decline your application for credit. For example, when searching for a mortgage company to purchase a new home your credit must qualify before you are approved. Credit scores range from three - hundreds in the mid eight - hundreds. Many factors’ contribute to a low credit score, several you have control over and others you don’t.…
To address this issue, credit scoring was adopted. An advantage of scoring was that it made credit accessible to more customers and at less cost. Credit scoring is the way toward utilizing an exclusive scientific calculation to make a numerical quality that portrays a candidate's general financial soundness. Scores, every now and again taking into account numbers (running from 300–850 for buyers in the United States), measurably dissect a record of loan repayment, in contrast with different indebted individuals, and gage the size of budgetary danger.…
Your goal should be 760 or above. To make this score good, you should make on-time payments and don’t buy things you can’t afford. It is also not about the total amount of outstanding debt you have, but how much you owe compared to how much you have authorized to borrow. The length of your credit history accounts for 15 percent of your score. Your credit score also determines whether you are responsible in situations like car and student loans.…
1A- Literacy & Education 1B- People always say that a nation with no education is a building with no bedrock. Most people agree that nations and countries can become civilized by education. 1C- Literacy and education have a strong connection with the map of Warlords, Gang lords, & Militias. Countries. Strong education leads to a low presence of gang lords and warlords, the map shows us that countries with around 35% and above of adult literacy for its people will most likely have sort of presence of gangs in its region.…
With just a few changes in how you handle credit you can improve your credit score rating. How do you pay your bills, how much credit you have and how much credit you use all play important roles in determining your creditworthiness. By changing any of these factors you can improve your credit rating. For example: Stop making late payments. Sign up for automatic payment from your checking account to your credit card payment is always made on time.…
The United States of America debt is over 18 trillion US dollars. On average every adult today in the United States of America with a family has at least a $30,000 debt. We individuals are always being defined by numbers and the rules also applies when it comes to credit. On the long run it is not your Grade Point Average, SAT score, class rank, ELM placement score, EPT placement score, height, shoe size, nor your weight that defines you it is your financial credit that does because it will follow you whenever you apply for a job, try to purchase something, take out a credit card and of course when you apply for college loans. A college student with a bad financial credit will be denied to borrow money or have a high interest rate on his/her college loan.…
In my young age, “credit” is typically a word I tend to overlook because I haven’t been placed in a position in which I felt that it was important. But, I decided that now with only a year and a half until graduation; now was the perfect time to check my credit report. Currently taking a Family Financial Planning class with Dr. Solis, I realize that keeping up with my credit early may be something that rewards me in the end. Checking my credit score, I decided to use Equifax to order my credit report from! Now when I looked at my credit score, I was a bit underwhelmed because it was surprisingly low.…
Credit score is number based on all of the times a consumer has bought something through a credit card and whether or not they payed it back or not. When a consumer pays back what they spent their credit score goes up. Landlords, banks and others use this score to judge if the consumer is worth loaning to, and if the lender believes they will get their money back. A good credit score can help the consumer invest in themselves buying a house, or even renting an apartment, however if the consumer does not pay back that debt they have acquired their credit score goes down. When a consumer has a low credit score it makes it nearly impossible to obtain a loan, and when they do it's at a higher interest rate.…
Maintaining good credit is equally important as establishing credit. With a good credit background, consumers have the ability to borrow funds at reasonably low interest rate without settling with lenders who place incredibly large interest on money. Learning how to establish and maintaining credit is a skill that everyone needs to take serious and perfect. To establish good credit, consumers should pay their bills on time, keep credit balances low and/or maintain the debt to income ratio, and periodically check for any discrepancies on credit report. To begin with, consumers should be responsible by paying their bills on time when they borrow money.…
A Rhetorical Analysis of “The Banking Concept of Education” The United States education system has always been criticized as being inadequate and very complex. Most importantly, our current education system has always been chastised for not letting children think for themselves. Paul Freire wrote the article “The ‘Banking’ Concept of Education” to inform the audience of how atrocious the United States education system really is. Most classrooms are lectured-based classrooms where the teacher talks and the students listen.…
Like everything, credit over the years has evolved. It has changed its face and grown into something much different from when it began. In today 's digital world, consumer credit has become increasingly accessible, playing into consumer’s impulse buying and causing damage to consumer credit rating. People today use credit for everything, from groceries to doctor’s visits and everything in between.…