What three-digit number has the most impact on your financial life? If you said your credit score you are correct. My parents always stressed the importance of credit from an early age. After I turned 18, I applied for a secure credit card from Wells Fargo, which I will be discussing more in detail in a few minutes. In this speech, I will be discussing what credit is, one way you can build credit, and the touch upon the importance of having credit. First I will explain what credit is. Next explain one efficient way to build credit. Finally, will touch upon the importance of an excellent credit Now let us begin with what is credit. Credit is what a lender uses to determine how well a person pays back the borrowed money. Credit is general viewed at 740 to 900 are excellent, 680 to 739 are very good, and 640 to 679 are fair and below 639 are poor. The five criteria used to determine your credit score are payment history, credit usage, length of credit history, credit application, credit accounts. According to the personal banker at Wells Fargo, the most important criteria that students should focus on are payment history, credit usage, length of credit history. Payment …show more content…
First, you can qualify for lower interest rate and monthly payments on purchased such as a house or a car. Even if you do not buy leasing a house or a car requires very good to excellent credit. For example, when I leased my car, I had to get my dad to co-sign because I did not have any credit at that time. In other words, the dealer did not trust me and wanted someone trustworthy and responsible. The same goes with renting a house. At the end of the day, credit shows true financial independence and having excellent credit can get you what you want and save you a lot of money in the long run with the possibly of lower interest rates. Credit is a universal number that landlords, lenders, finance company and even an employer look at to determine your
It is up to you to know what is on your credit report and keep the data up to date. You might have paid your bills on time, but your credit report may show that your credit is less than perfect. You may have had a credit dispute with a merchant that was corrected, but not shown on your report. You may have a bankruptcy that was not properly recorded. You may also have experienced credit fraud.
Ritchie, Patrick. "Credit: The Foundation of Borrowing." In The Credit Road Map: A Practical Guide for Navigating Your Way to Good Credit, 21-23. Tempe, AZ: Success Road Map Press L.L.C., 2006.
No one likes a bad credit score, and many people put a lot of effort into managing their scores in a better way. However, many times, willingly or unwillingly, they make mistakes that negatively affect this number. Such mistakes have long-term consequences and, if not rectified properly, can adversely affect your credit score. And it will take a long time to improve once it goes down for any reason. This is why we have prepared a list of 5 mistakes that can adversely affect your credit score, so that you can avoid them and manage your numbers better.
One of the main pros of rent to own is that you don't need to have any credit or good credit to do it. This can be a way to build up some credit in fact and show that you can be responsible when it comes to paying what you owe. This method of obtaining things you really need such as a laptop for school or something you want such as a big screen TV means you don't have to
Organization: Topical pattern. Audience analysis: The audiences are raging from 20-21, and are currently residential students at Liberty University. They are all from South Korea, but each has different backgrounds. Topic: Nursing can be used to show and share the love of God.
General Purpose:To inform about eating disorders Specific Purpose: To inform my audience about eating disorders and the different types. Central Idea: Eating disorders are very common and they cause many people to go through hard things. They can affect anyone and once you develop an eating disorder you will have it for the rest of your life it doesn't just go away.
Your credit score is one of your most important financial attributes. Fortunately for those who are unsatisfied with their credit rating, there are plenty of options available. Improving your score is an attainable goal that everyone should aim for, even those who are content with their credit rating.
You should be laser-focused on your score when you know you'll soon need credit. In the interim, take care of your bills and use credit responsibly. Your score will reflect these smart spending
Throughout the nation catastrophes occur on a daily basis; however there are a few catastrophes that have taken national precedence and left a traumatized nation. Most usually these catastrophes are an act of terrorism. Michael Nelson (2010) describes the nature of such terrorism catastrophes as disconcerting, unanticipated and that unnerve “the country’s sense of safety and identity” (p. 20). When such “a traumatic event results in the death of civilians” and “calls the nation’s institutions or values into question” the nation as a whole looks to their leader, our president, to offer solace and calm through a responsive speech (Campbell and Jamieson, 2008, p. 102). In Presidents Creating the Presidency, (2008) the authors have labeled these speeches as a national eulogy in which they usually occur at the sight of the
This article describes the disadvantages and advantages of buying or renting your home. It describes advantages of buying such as taxes and appreciation of the home. However, coming up with a down payment may be hard for many people. Renters may have less cost and more flexibility on when and where they can move to.
In a survey that was conducted by me at work out of 30 coworkers 18 were the victims of some form of identity theft.
You have to avoid missing payment. You have to also avoid paying less than you usually pay. There are other things that might not affect your score directly but can actually affect how your lenders think about your credit worthiness. It could be taking out cash advances or investing your credit on ventures that could bring future money stress. Examples include using your credit for a divorce attorney, in a pawnshop, etc.
Those who are having a bad credit score, unfortunately they will have to face hassles and issues in obtaining a loan. Banks and financial institutions will always judge the repayment ability and the attitude through an assessment of credit score. Financial institutions draw the conclusion that it will not be possible for the person to pay regular fixed installments. Urgent expenses and insufficient monetary resource can further lead to loan application rejection.
Your score is dynamic and may change every day A Credit Score Affects More Than Just Loans A good credit score, besides giving you better chances of getting a home mortgage, car loan, or credit card you want, also affects
There are many people who will claim that everyone needs a credit card, you just need to learn to use it responsibly. They will say there are many good reasons to have a credit card. They are safer than cash, or you need to have at least one for a financial emergency. You also need them to help build your credit rating, and some will tell you that a credit card is mandatory for certain purchases. There are even those who will tell you that credit cards, when used properly, are financially profitable. Let’s look at each one of these reasons for needing a credit card.