Storyboard PBA

Storyboard PBA

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  • I can tell you all about credit.
  • Excuse me sir, my name is Jeff and i need help with the whole knowledge of credit
  • You have 5 C's of credit : 1. Capital - The money you have on hand, savings etc. 2. Capacity- Your ability to repay the loan 3.Character- Your general trustworthiness 4.Collateral- Property or assets, offered to a lender to secure your loan 5. Conditions- What the loan will be used for and how the economy factor could impact that.
  • You have some credit scores that can help you or work against you. They help you get an approval for a loan or Credit Card, Limits how much you can borrow and the interest rate you pay. Then you have credit scores. Credit Scores have ranges, from  300-850. Excellent is 780+ , Good is 660-780, Okay is 500-660, and bad is below 500.
  • Credit History. Your credit history matters. No credit history? No score. Credit reports include all credit accounts such as credit cards, car loans etc.. You can get credit card breakdown and 5 factors determine credit scores 35% payment history, 30% utilization, 15% age of accounts, 10% Recent history, 10% Credit Diversity
  • Bankruptcy is a generalized term for a federal court procedure that helps consumers and businesses get rid of their debts and repay their creditors. They have different types of bankruptcy, chapter 7 and chapter 13, those are the most common for individuals and businesses.In chapter 7 proceedings last between three and six months. Chapter 13 is only allowed for people with a reliable source of income.
  • You have a lot of credit options. You have revolving credit, installment credit,  cash loans  and service credit.  These credit options allow you to have more than on way of borrowing money and how you can repay the company who lend you the money. 
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