credit comic
Storyboard Text
- Joe Smith. College junior. Finance Major.
- Hey Joe, I need some help applying for some credit cards, what do they mean by "credit score?"
- Jane Doe. College Senior. Psychology Major.
- Hello Jane, the most popular type of credit score is FICO, which is a numeric value from a scale of 300-850. The higher your score is, the more willing companies will be to give you credit.
- FICO scores are effected by five factors: Payment history, outstanding debt, length of card history, pursuit of new credit, and types of credit in use.
- I see, so besides that, what else do credit companies do to see if they want to give me credit?
- Usually, they would ask a credit reporting agency for your credit report. The report contains your personal Information, accounts summary, public record, items related to credit, and credit inquiries.
- Reports are to determine your creditworthiness, and the FICO score I mentioned earlier is a summary of that. Things such as paying loans on time and not having too many accounts will show up on the report as positive. While missing payments are applying to too much credit will show up on the report as negative to you.
Over 30 Million Storyboards Created