Understanding
Debt :
The Three C’s of Credit Worthiness
Character – will you repay the debt?
From your credit history, does it look like you possess the honesty and reliability to pay credit debts?
- Have you used credit before?
- Do you pay your bills on time?
- Do you have a good credit report?
- Can you provide character references?
- How long have you lived at your present address?
- How long have you been at your present job?
Capital – what if you don’t repay the debt?
Do you have any valuable assets such
as real estate, savings, or investments
that could be used to repay credit debts if income is unavailable?
- What property do you own that can secure the loan?
- Do you have a savings account?
- Do you have investments to use as collateral?
Capacity – can you repay the debt?
Have you been working regularly in an occupation that is likely to provide enough income to support your credit use?
- Do you have a steady job? What is your salary?
- How many other loan payments do you have?
- What are your current living expenses? What are your current debts?
- How many dependents do you have?
Your Responsibilities :
-
Borrow only what you can repay.
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Read and understand the credit contract.
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Pay debts promptly.
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Notify your creditor if you cannot meet payments.
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Always check your monthly statement.
If using a credit card :
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Report lost or stolen credit cards promptly.
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Never give your card number over the phone unless you initiated the call or are certain of the caller’s identity.
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Never leave your credit cards unattended at work.
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Don’t leave your credit cards in your vehicle.
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Always check your card when returned to you after a purchase.
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Carry your cards with you and make sure they are in a secure location.
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Sign the back of a new card as soon as you get it.
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Make a list of all your cards and their numbers.
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