Question:
I have to interview a bank manager for my class assignment so can someone pls help me with the following information:
1. What are the implications of having either a positive or negative credit history? (Ask for specific examples.)
2. What would constitute a responsible use of credit?
3. What are three (or more) inappropriate uses of credit?
4. When selecting a credit card, what factors should one consider?
a. Name
b. Company they work for
c. Address
d. Phone number
Thank You in advance
Answers:
1) Positive or negative credit will determine if you can get a loan be it home, auto, or otherwise. Also, what interest rate the loan will carry. Positive credit will glean you more favorable terms, negative credit history will hurt you.
2) Paying your bills on time. Making timely loan payments and not being late. Having no or small balances on credit cards.
3) Not paying bills on time. Not making timely loan payments. Keeping high balances on credit cards. Declaring bankruptcy will hurt you badly.
4) None of these items really matter when selecting a credit card. To select a card you want to seek the terms that will suit you the best.
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