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4 C's of Credit

Personal Finance project
by

Becky Hajek

on 14 March 2011

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Transcript of 4 C's of Credit

4 C's of Credit Becky Hajek Collateral "Secured Loan" Asset of value that lenders
can take from you if you
don't repay the loan
as promised. Lenders look at
1. Value of Home
2. Other Large Assets

Capital
"Personal Items
of Value" In the event you don't pay your bills, lenders will want to know if you have items they can sell to repay the loan.
Typical items they look
for are an investment
account or your home. Lenders look into how you
plan to use the loan (home improvement, consolidate debt) and the current economy, which
may affect your ability to repay
the loan. Capacity
"Creditworthiness" A pattern of rising income
and steady employment give
lenders more confidence, but
if you already have a lot of
debt, lenders will question whether
you are able to make your
payments. How much do you earn?
How consistantly do you earn it?
Wages or commission? Character
"Are You
Trustworthy? A history of paying
bills on time shows
them that you are
responsible with your
finances. Credit Report
Balances
Limits
Payment History A credit score is
a number between
300 and 850.
3 ways to keep a good
credit score are:
Only borrow what you can afford to pay back
Pay bills on time
pay off credit balances
Full transcript