personal finance

personal finance

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  • Wow Bella, I can't believe I didn't get the loan!
  • You can always try again Rachel! I will give you lessons on credit, and how to maintain a good score!
  • To start off, lets talk about your credit score. Your credit score is what determines how reliable you are, which in the long run determines if you could take out a loan. 
  • What can I do to maintain a good credit score?
  • That's easy! All you need to do is pay your rent on time, along with other important bills around the house, or even for a car. As long as you do this, your credit report will be very good, and you will get to take out loans. On another note, lets talk about bankruptcy. 
  • Bankruptcy? That sounds very scary!
  • Well, it is. When people use the term bankrupt, it usually means your broke or out of money. Also, bankruptcy could mean that you cannot repay your debts. Bankruptcy remains on your credit report for 10 years. 
  • I don't think I have ever been bankrupt, but now that I know how serious it is, I will try to stay out of trouble! 
  • It is also important to know the 5 C's of credit. Character, Capacity, Capital, Collateral, and Conditions. Character determine how reliable you are, capacity determines if you can repay a loan, any capital the borrower puts towards a potential investment is also considered by lenders, collateral helps borrowers secure loans, and conditions influence the lender's desire to finance the borrower. 
  • Wow...
  • I know that was a lot, but if you keep all of this in mind, you will do just fine when going for a loan next time. 
  • Maybe it was a lot, but I really needed it. I now know to NOT mess up my credit report, NOT go bankrupt by paying my bills on time, and to keep the 5 C's of credit in mind at all times! Thank you Bella!
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