Personal Finance

Bank
Well it's time to get that loan, hope I do get it!
Hello, my name is Pete and I'm here to apply for a loan.
Ugh, oh okay thank you!
Well, sorry but you don't apply for this loan due to your credit score, the 5C's of Credit and your filed Bankruptcy.
I don't get why I didn't get the loan, what was all this credit score, 5C's of Credit and Bankruptcy. This doesn't make sense!
Come on in I will help you and explain these terms to you in order for you to understand it.
Well what is credit score?
It's a number that reflects your creditworthiness based on the 5 C's. You must of had a low credit score because of not meeting the expectations for some of the 5 C's which must of been one of the reasons why you didn't apply.
How about the 5 C's?
The 5 C's is what all lenders refers to basically see if your creditworthiness. 1st C, capital:do you have the money on hand or other assets? 2nd C, capacity:will you'll be able to repay the loan? 3rd C, character:do you have responsibility your obligations? 4th C, collateral:what possessions do you have in order to use to pay the loan? Last C, condition:what is loan for?
Well thanks!
Lastly, what is bankruptcy?
It's a legal process to get out of debt when you can no longer make all required payments. This stays on your credit report for 10 years. It could make it difficult for you to get job as well get this loan as you can see. Well there you have it these were the reasons why you couldn't get the loan.

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