Credit history

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  • Firstbank Executive Summary

    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 enhanced staffing in the credit underwriting department and its underwriting standards. This has become a definite strength of the bank and has reduced loan losses tremendously. Most banks in the market are in line with each other and stay below max loan to value ratios imposed by the regulators. FirstBank’s credit card program is one of the best in the market. No other bank offers a credit card that beats an APR of 9.99$ with zero interest on balance transfers for six months. If a customer or potential customer was strictly rate shopping, FirstBank’s card would be the best in the market. However, there are other credit card programs in the market that offer more appetizing perks with their card. This is the tradeoff for being able to offer a lower interest rate. The lower the interest rate margin is, the less a bank can spend on the overhead of an additional perks program. The bank recently started offering a secured credit card to help customers with bad credit or not…

    Words: 1612 - Pages: 6
  • Lori Andrews's 'Facebook Is Using You'

    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…

    Words: 802 - Pages: 4
  • The Pros And Cons Of NACA

    Do you have a less than perfect credit score? NACA does not look at your credit score. However, they do go over your credit report. A late payment within a year 's time will mean a little longer wait on getting a home, but will not cause you to be denied a home. Are you on the verge of loosing you home to foreclosure? NACA has a program called Home Save, anyone who is in risk of loosing their home should look into this program, and this organization can help you retain your home. In some…

    Words: 1398 - Pages: 6
  • How Do Credit Cards Affect The Economy

    Credit cards have been used in the United States since the early 1920’s, today they are used worldwide and are part of our everyday life. Credit cards allow people to carry around large amounts of money without actually having the bills on them, these cards allow us to quickly access our money and buy things we want and need. . The effect of credit cards on the economy is very complex, it has a positive and negative outcome. The financial stability of the economy depends on us as consumers,…

    Words: 1375 - Pages: 6
  • Maintaining Good Credit Essay

    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…

    Words: 829 - Pages: 4
  • Advantages Of Debt Negotiation

    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…

    Words: 862 - Pages: 4
  • Advantages And Disadvantages Of Debt Management

    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…

    Words: 838 - Pages: 4
  • Advantages Of The Rent-To-Own Program

    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…

    Words: 813 - Pages: 4
  • Persuasive Essay On How To Go To College

    -You lose eligibility for forbearance, deferment, and repayment plans. -Additional federal student aid eligibility is lost. -The collection agency is assigned your loan account. To avoid this in future, get to have a payment plan as soon as you get a job after college because this is an opportunity for you to build your portfolio. Student loans have no much effect on your credit score but if neglected it will affect other loans. Proper management of your credit shows the discipline and…

    Words: 914 - Pages: 4
  • What Are The Advantages And Disadvantages Of Bank Loans

    Prosper (a P2P platform), they only charge origination fee to process the loan. On the contrast, banks will charge different kinds of fees, like transaction fee and security fee. (Laura Woods, 2015) Contrary to bank and credit cards, P2P provides lower interest rate. Thirdly is Flexible. Banks focus more on company’s’ credit history, if the business got a bad credit history, it is likely that bank will reject the loan requirement. However, the enterprise has another chance to explain their…

    Words: 1002 - Pages: 5
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