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5 C’s of Credit

5 C’s of Credit. Taylor, Brandon, Casey, Kyler. 5 C’s of Credit. Character - Credentials and references Capacity - Borrowing and repay history Capital - Investments in business Conditions - Sensitivity, managing Collateral - Real estate, equipment. Credit Score.

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5 C’s of Credit

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  1. 5 C’s of Credit Taylor, Brandon, Casey, Kyler

  2. 5 C’s of Credit • Character - Credentials and references • Capacity - Borrowing and repay history • Capital - Investments in business • Conditions - Sensitivity, managing • Collateral - Real estate, equipment.

  3. Credit Score How to improve credit score • Pay bills on time • Keep Close records of all accounts • Don’t max cards out • Don’t apply for credit too often

  4. Applying for Credit/Loans When applying for a loan you need • Personal contact info • Employment and income info • Loan type info • Additional documents such as w2’s or other tax info You can apply in a few different ways • Online • Over the phone • In person

  5. Denied Credit • Apply again with caution • Read your adverse action letter • Request a free credit report • Review free credit report • Repair credit • Apply for a retail store card • Get a secured credit card

  6. Credit score breakdown. A record of your borrowing history.

  7. Credit Bureaus Three Main Credit Bureaus • Equifax-www.equifax.com To order your report, call: 800-685-1111 • Experian-www.experian.comTo order your report, call: 888-EXPERIAN (397-3742) • TransUnion-www.transunion.comTo order your report, call: 800-916-8800

  8. Negative things for credit Long term payoffs Bankruptcy-10 years Collections drop it considerably Having a bad credit ratio Closing the wrong accounts Having too many types of credit Too many inquiries too fast

  9. Sources https://www.pnc.com/webapp/unsec/ProductsAndService.do?siteArea=/pnccorp/PNC/Home/Small+Business/Financing+Your+Future/The+Five+Cs+of+Credit http://www.myfico.com/crediteducation/whatsinyourscore.aspx http://www.consumer.ftc.gov/articles/0152-how-credit-scores-affect-price-credit-and-insurance https://www.wellsfargo.com/personal_credit/application/how_to_apply http://credit.about.com/od/creditcardbasics/tp/What-To-Do-If-Your-Credit-Card-Application-Is-Denied.htm http://www.investopedia.com/terms/c/creditbureau.asp http://money.howstuffworks.com/personal-finance/debt-management/credit-report2.htm http://www.finfaqs.com/1751/where-do-credit-bureaus-get-their-information-from http://www.myfico.com/crediteducation/creditchecks/inquiries.aspx

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