Credit history

Credit scores are used by lenders and creditors to determine whether or not to extend a loan to a consumer and at what terms. The score is a three digit number that is an indication of the consumer's likelihood to pay bills on time. The credit score is maintained and administered by the three credit bureaus,Equifax, Experian, and TransUnion. These bureaus use the information reported to them by creditors and lenders to calculate credit scores. When a score is calculated, several key points are taken into consideration. The most influential factor to a credit score is the payment history, how bills have been paid in the past. Other factors that have an affect on a score are the amount of debt, length of credit history, recent credit applications, and types…

offers credit card loans. The Bank is very competitive with fee pricing and is proud to not be known as a “fee bank”. Where the Bank is not competitive when discussing fees is on the actual collection of fees. Being a relationship focused bank, it is difficult to maintain discipline with the lenders on a no waiver policy in fear of losing or making the customer unhappy. FirstBank has had ups and downs in its credit underwriting standards. However, over the previous five years, the Bank has…

In 2014, Americans had a combined $57.1 billion dollars in credit card debt. In 2015, that number has amplified to an appalling $60 billion (“America’s Skyrocketing Credit Card Debt,” par 2). These startling figures are one of my many motivations to become a financial advisor. A financial advisor counsels individuals when investing, saving and plan short or long term financial goals (“Financial Analysts,” par 2). I am interested in this type of profession because of some experiences I have…

Although you may have once considered a payday loan, the high interest rates and strict payback requirements make that option undesirable for many people. Of course, there are always credit cards, but there is no federal regulation of interest rates, which means that there is simply no way to predict how much you may be required to pay back on those credit cards at any given time. The good news is that there is another viable option that can help you get the cash you need in a fast and…

rates. To express his frustration with the credit card companies, as well as sympathise with the students, Mancias asks then answers the question, “Who is to blame for this situation?” (274). The answer to his question becomes his thesis which states, “Credit card companies' predatory lending practices- such as using exploitive advertising, using credit scoring to determine creditworthiness, disguising the real cost of credit, and taking advantage of U.S. government deregulation- are causing…

5 Reasons Your Credit Score Is More Important Than Your GPA Your credit score can actually be more important than your GPA. GPA can determine certain aspects in your life, but your credit score will influence the cost of big purchases forever after graduation. It is also much easier to correct your GPA than messing up on your credit score. It can take years of positive payment to get your score back up. After graduating, your GPA tends to lose its importance, but your credit score will follow…

The 21st century has added a new weapon to the arsenal of persecutors. Credit card companies can lower a customer 's credit limit based solely on where they’ve shopped. An employer can make his or her decision on hiring an employee using just social media footprints. Lori Andrews presents frightening information in her essay “Facebook Is Using You”. Through the use of statistics, anecdotal evidence, and appeals to the audience 's sense of fear, she successfully convinces the reader that there is…

In the world of finance and business, one of the great truths that present themselves is that everything is negotiable. Even under circumstances where the prices of certain commodities seem as if they are set in stone, obtaining a discount on the price can be as easy knowing how and whom to ask for the same. When it comes to the settlement of balances that individuals own on their credit cards, the opportunities for negotiation as to what is actually owed is greater than ever. A little bit of…

One of the disadvantages is the credit rate would be affected. The creditors do not have to accept payment offers (Lazarony). Also, reducing payments to the debt would result in an extended repayment period, increasing the total amount to be repaired (Lazarony). When someone starts a debt management plan, it’ll take longer for the debt to clear. Also, some might pay more because lenders do not have to stop adding interest and charges to the account. Lastly, the credit score will not be the same…

As a person who is looking to take advantage of the rent-to-own program, I believe it is a great way to help people who otherwise would not be able to make such a purchase. I went to a bank, which I will leave un-named, to find out what I would need to do with them in order to get a home loan. It was at that time that I found out that, I do not have a credit score at all. The loan lady told me that I was a first for her, that she had never seen a credit score come back with no number on it. I…