By: Mirza Sutkovic, Period: 7/8
What is credit?
What can influence credit?
How does credit work?
The three C's of credit.
Character: Character depends on the previous payment history of the person, and with that information people can gauge your honesty to repay debts.
Capital: Capital is like collateral. It is the personal assets you own that can be used to repay debt when money isn't readily available.
Capacity: Capacity is like your overall ability to repay your debt. The lender will look if you have a steady source of income through employment.