Description
Six more simple questions nothing fancy.
Answer the following questions. Submit in the text box below or submit as a word or document.
- How can a consumer develop a credit history?
- What is an annual percentage rate? Why is it important?
- What are the three Cs of credit?
- Which type of loan usually carries a lower interest rate—a secured or an unsecuredm loan? Why?
- What is the maximum percentage of your income that you should allocate to credit payments?
- What is garnishment of wages?
Explanation & Answer
Attached.
Surname 1
Student’s Name
Professor’s Name
Course
Date
How to Get and Keep Credit
Q1. How can a consumer develop a credit history?
Notably, a credit history is a record of a customer's capability to pay debts as well as the ability
to show responsibility in paying loans. A customer's credit history entails details like types and
number of accounts, amount owned, a number of current credit inquiries, and if the bills are paid
on due time. Therefore, in the process of building good credits history, a consumer can;
➢ Obtain a cosigner- worth a note, for young adults at the age of eighteen and above, a
person can apply for a credit card with a guardian or a parent as the cosigner. Equally
important, it is imperative for a person to manage the credit card account responsibly and
ensure the balance is paid on time on a monthly basis.
➢ Get a small amount of loan from a depository organization- a person can obtain a small
loan for a product that one can manage to repay. N...
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