Finance project

Finance project
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  • I'd still rather wish you weren't doing this in the first place, but since you are, I have a few questions about credit. I just wan't to make sure I won't go bankrupt without you.
  • I'm glad that we are finally doing this. Now you won't have to be dependant on me for your financial decisions. Do you have any other questions? I wan't to make sure you will be okay once I'm gone.
  • For one thing, I've never really understood what a "credit score" is and why its important.
  • That's simple. A credit score is a number assigned to someone, that shows their ability to repay loans, which you are expected to pay back.
  • Based on the 5 C's of credit; character, capacity, capital, collateral, and conditions,  credit  bureaus create a report of your information that determines your ability to repay debts and loans. The lower the score, the less likely you are able to get loans, with can lead to bankruptcy.
  • Uh oh. I'm thinking back to my recent history, and I don't think it is looking good. How can I figure out how to fix it?
  • The best way to figure out your score and how to fix it is to go to a credit counseling organization, which or usually non-profit. The professional counselors their can tell you your score, and advise you on manage your money and pay your debts.
  • So they could help me pay off my student loans and car lease?
  • One final thing- I know a credit card is issued by a buisness or bank on credit,  but how does your score affect that?
  • Yes, but it isn't guaranteed you will be able to completely pay it off. But they can give you various tips on how to manage your credit, and the possible pitfalls if you continue to manage your money unwisely.
  • It's actually vice-versa. Your credit card affects your score.  Depending on how good your are at repaying debts on your card, how score will be affected positively or negatively
  • Ohhh, I didn't know that. Wow, I need to get my life together.
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