Reference no: EM131147975
1. Jack and Jill want to buy a car. They are using another car for ___________ as a promise to pay.
a) Capacity
b) Capital
c) Collateral
d) Character
e) Conditions
2. Under these _______________, you may still be approved with a cosigner.
a) Capacity
b) Capital
c) Collateral
d) Character
e) Conditions
3. Henry has a history of not staying with a job for an extended period of time. Which of the C's would a lender be looking at?
a) Capacity
b) Capital
c) Collateral
d) Character
e) Conditions
4. Madaline is a stay-at-home mom seeking to start a home-based business. She would need a cosigner in order to qualify for a loan. What other C's might she need for this loan?
a) Capacity
b) Capital
c) Collateral
d) Character
e) Conditions
5. Lenders use a debt-payment-to-income ratio to evaluate this particular C.
a) Capacity
b) Capital
c) Collateral
d) Character
e) Conditions
Resources:
• Five C's web page located at the following link: https://www.loanuniverse.com/credit.html.
• Annual Credit Report website www.annualcreditreport.com.
• Fair Isaac website (www.myfico.com).
Directions
Go to the Fair Isaac Co. website, www.myfico.com. Do not buy a credit score unless you choose to do so. For this activity, go to "Learn about scores". Review this page, and follow the link to "What's in your score". From this page, follow the links to learn more about credit scores.
Note: You do not have to share your personal credit score or other details in this worksheet.
Using what you have learned about credits scores and the Five C's, respond to the following in 50-to 100-words each:
1. When are the five C's important?
2. Why is a credit score important?
3. What are the top 2 factors in your FICO score? What actions can you take to earn the most points in these categories?
Directions
Go to www.annualcreditreport.com, the only site authorized by the Federal Trade Commission to provide free consumer credit reports. Request one free credit report from one of the three credit reporting agencies (if you are unable to download a report, complete this activity using a sample credit report from www.experian.com)
Using what you have learned about credits reports, respond to the following in 50-to 100-words each:
1. What type of information is included on your credit report? The type of information that is included on my credit report is my name , current and previous address, and work history. It also includes tradelines which are my credit acciunts amount, the account balance and your payment history
2. What did you find surprising about credit reports?
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