1. Ways to determine wether you can afford a loan is will you be able to meet all the usual expences plus the monthly loan payments you will have. Another is to consider what you may have to give up to make the monthly payment.
2. The five c's of credit are Character-will you pay off the loan, Capacity-Can you repay the loan, Capital-what are your assets worth, Collateral-what if you do not repay the loan and Credit History- What is your credit history.
3. 3 steps to obtaining a good credit rating are making sure the loan payments are payed off on time, Being willing to pay the credit payments on time, and the ability to pay them on time.
4. ways to lower lender risk is to make sure that all the payments are in on time that you are capable of keeping a job for a certain amount of time and obtaining a loan that was in good standing before getting your next loan.
5. It would be a good desision without the college loan included because her debt to income ration is 8.63% so she is below the 20 percent rule!
with the college loan she would be over her limits of the 20 percent rule!
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1 comment:
Great job Liz! you answered the questions in full and even gave extra info. 14/14
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