Bella & Rachel StoryBoard

Bella & Rachel StoryBoard
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Storyboard Text

  • Rachel, you need to understand that I was able to get this mortgage because I have a good credit score!
  • I cannot take care of this house by myself! What even is a credit score?
  • A credit score is a number that is assigned to you that tells banks how likely you are to repay a loan.  If you have a bad credit score, then banks will not loan you money.
  • I must have a bad credit score then because the bank did not allow me to take out a loan!
  • Yes, you do have a bad credit score.  That is because you are irresponsible when it comes to managing your money.  You need to pay all of your bills on time and save for the future!
  • I should start becoming more responsible and begin paying the bills on time.  I depended on you to do so.  I also need to start planning for the future. 
  • You should also be aware of the fact that you could go into severe debt, possibly bankruptcy if you continue to not pay your bills.  I will no longer be the one paying for them.
  • Doesn't bankruptcy stay on your credit report for 10 years?  That would make my credit score even worse!
  • I understand, you must have followed the 5 C's of Credit, which allowed you to be given a loan by the bank.  If I want to be able to take out a loan, I need to be able to repay it.
  • Correct. You should also try to follow the 5 C's of Credit: Capital, Capacity, Character,  Collateral, and Conditions.  These allow banks to figure out whether or not you should be eligible to take out a loan.  
  • You need to have money on hand for any investments or assets that you may need (Capital).  You need to be able to repay any loan that you take out, have good financial circumstances, and not be in debt (Capacity).  Be willing to repay the loan and be responsible for it (Character). You should also have an asset that you are willing to pledge to secure a repayment of the loan (Collateral). Be sure to use the loan wisely and try not to have past credit troubles (Conditions).
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