Personal Finance
Texto del Guión Gráfico
- I can't believe I didn't get the loan. What's your secret, Bella?
- It's not as complicated as you might think. Firstly, you must understand what credit is.
- Credit is a way to obtain goods or services with the expectancy that you'll pay them back.
- About 35% is your payment history, 30% is amount owed, 15% is length of history, 10% is new credit, and 10% is variety of credit.
- You can also get a credit report, which is a detailed history of everything having to do with you and credit.
- Annually, you are given three credit scores from each of the three credit bureaus. Your score has different components as well.
- Credit you are involved with directly affects your credit score.
- So, I didn't get the loan because of my credit score?
- Additionally, bankruptcy could deter former employers and loan opportunities.
- Probably, yes. And you have to be careful about credit. If you don't make payments, you could fall into debt and have to file bankruptcy.
- Bankruptcy dissolves most of your debts, but not all. And bankruptcy has an effect on your credit score and report for up to 10 years.
- Your character, your capacity to pay the loan, your collateral to cover the loan if you don't pay it, your capital, and the conditions of the loan.
- Next is the 5 C's of Credit. It's a system used by lenders to gauge the creditworthiness of potential borrowers.
- Back to debt, though. What should I do if I ever get into trouble with debt?
- Careful, though. Some "credit counseling" agencies are scams, and just get you into more debt.
- Good question, Rachel. There's something called credit counseling.
- It provides people with financial education, budgeting help, and a variety of tools to help eliminate debt.
- To maintain good credit, it is important that you make sure to use your balance wisely and pay on time.
- Some pitfalls of credit cards are maxing out your balance, only paying the minimum payment, and missing your due dates.
- I'm sure you know what a credit card is too. Keep in mind that on a credit card, it isn't your money.
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