Chapter 17 Establishing Good Credit

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Presentation transcript:

Chapter 17 Establishing Good Credit

What are the sources of credit? Where are the different places you can go to get credit? 3. Finance Companies (borrow from bank; high APR) 4. Pawnbrokers (Personal pieces given as collateral) 5. Private Lenders (parents, friends, relatives) 1. Retail stores (American Eagle, Express) 2.Banks/Credit Unions (Based on collateral or capital)

Credit File Common Creditor Questions ~ Did you pay bills on time? Payment amt? ~ Did you pay debts according to agreement? ~ How much credit did you receive? Your credit history is the complete record of your borrowing and repayment performance; filed with credit bureau.

The Credit Bureau Gathers, stores, and sells credit information Usually sell information to subscribers 1,200 across the nation Store all information under social security

3 Major U.S Credit Bureaus ~Experian- Allen, TX ~Equifax- Atlanta, GA ~Trans Union- Springfield, PA

Creditworthiness- the 5 C’s 1. Character- will you pay your debt? 2.Capacity- can your income repay the debt? 3. Capital- are they protected if you don’t pay? (Net Worth) 4.Conditions- how secure are you? 5. Collateral- what assets can pay debt?

What is Done With Your Information? Your information is sold to subscribers Names, addresses, balances, etc. Gathered as public record to assess you Used by banks for loans Employers Landlords Insurance Companies

How Do You Get Started? What do you need?

Ways of Getting Started Open a savings account Make Deposit every month. Choose one that offer other services. Open a Checking Account Convenient paying method Good record keeping DON’T BOUNCE CHECKS

Ways of Getting Started, cont. Open Store Credit Good card because it has co-signers & low balance Get a Small Loan Prove that you can pay lender back Apply for a Credit Card

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