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Credit
1. Credit has been standardized over the years and many stores belong to corporations that won’t allow people to purchase goods unless they pay on the spot with cash, check, or a major credit card. Now big banks control whether you can use credit and how much you can use. Before a bank will allow you to use credit, it must first believe that you can be trusted to repay the amount of credit you use. This is considered financial trustworthiness.
2. Lenders use a number of factors to determine your financial trustworthiness and it’s not based on how long they’ve known your family. Your credit history is one of the most commonly used factors. How you have used credit in the past – your credit history – is considered to be the best way to predict how you will use it in the future. Your credit history is reported in your credit report and measured by your credit score. Lenders also consider your income. Even with a good history of repaying what you borrow, lenders want to know that you actually have the means to pay back the credit you use.
3. For new borrowers without a credit history, lenders may place more importance on your income. They may only give you a small amount of credit to start out with and increase your credit as you demonstrate you can handle it. If you’re a new borrower or you’ve had credit problems in the past, the lender might require someone who has a favorable credit history to co-sign with you. The co-signer essentially agrees to repay credit charges when the other person fails to do so. Both borrowers share credit.
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Where is your credit information compiled?
It is compiled on a credit card.
It is compiled on your co-signer’s card.
It is compiled on a check.
It is compiled in a credit report.
