Credit

Credit
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  • Don't worry. I will get a loan from my bank.
  • You cannot buy this car on your own, Emma.
  • Why can't I have an automobile loan, Jack?
  • TD Bank
  • Have you seen your credit report?
  • An automobile loan is a closed-end account. Looking at your credit report, you have closed many closed-end accounts. These closed accounts stay on your report for 7 years. That does not look good if you want a loan.
  • Keep in mind that closed-end accounts require monthly equal payments.
  • TD Bank
  • You're credit score is calculated by FICO based on your credit management in the past. With your score of 450, I would have to charge you 24% interest on a 3 year $1350 loan. If your score was better, that rate would be lower.
  • Remember, your score depends on your past actions concerning credit. If you abuse it or prove that you are unreliable to pay back in full, your score will drop.
  • I'm so embarrassed!
  • TD Bank
  • You have moved 5 times in the past year. This shows financial instability and therefore lowers your credit score. You have also missed many minimum payments. Minimum payment is the least amount that is recommended paying each month. You should at least try to pay this much.
  • Oh no!
  • Lastly, you have a co-signer on your credit report. This can weaken your report as it shows it is not something you can handle individually.
  • TD Bank
  • Now that I know more about credit and how to achieve a better score, I can begin to improve for the future!
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