Credit and Loans
Learn how to stay out of debt and managing your credit.
Basics of Credit
There are three forms of credit:
- Credit cards
Each form has a different meaning, and the way you determine if one is eligible for credit is by checking a credit score, You can contact your credit bureau for your credit score, starting your credit is easy just apply for credit cards.
Also you FICO score determines how much credit you get. You can have personal loans once you get some credit. Depending on your score your lender will give you an estimated amount for you to use.
- Character- Sense of financial personality, and dependability ( long term residence, steady job)
- Capacity- Financial ability to repay loan, high enough income and major expenses and debt.
- Capital- Value of what you own, saving investments, property. usage of capital to pay off loan if needed.