Alexa Campbell - Credit Reports

4) Describe the difference between a hard inquiry and a soft inquiry. Give an example of each and explain how they impact your credit report/score.  5) Discuss 5 areas in life where your credit score could be checked and thus impact the purchase/event?  6) Describe the 5 C's of credit. What is the most important action to building your character, one of the 5 C's.

Obtaining credit begins with you. After you complete a credit application, the lender decides if you are a good risk. Agencies that collect credit information about individuals are called credit bureaus. For a fee, they provide information about you that lenders need to decide if you are a good risk. The information you provide on your application is checked against the information the credit bureaus have collected about you. Why is your credit application approved or denied? DENIED 0000 SORRY! to you fra C cand hand Collateral Physical appearance Character Political affiliation Marital status Capacity e yo yhing ring you Bestar lates Onge y Bad news-your credit application was denied. What are the major factors about you that the lender used to evaluate your creditworthiness? Check all that apply. Select reasons why you were probably turned down for credit. Check all that apply. Large amount of available credit relative to income False or misleading information on your application…

FIND THE ERRORS AND PUT THE ADJUSTMENTS IN THE TEXT RESPONSE OF THIS ASSIGNMENT EXAMPLE: THE AVAILABLE CREDIT SAYS: ____________________ THE ACTUAL AMOUNT OF AVAILABLE CREDIT IS:_____________________

Which of the following credit card options would be the MOST difficult to get approved while in the Highschool A. Co-signed card B. Chase sapphire preferred rewards card C. Discover student card D. Secured card

Identify items that serve as source documents

Directions: Match the vocabulary definitions to the vocabulary words. Vocabulary Words 1. Credit score = 2. FICO = 3. Poor FICO credit score = 4. Exceptional FICO credit score = 5. Payment history scores = 6. Length of credit history= 7. New credit = 8. Total debt, balances, and utilization =     Vocabulary Definitions A. Total owed as well as how much available credit a person is using B. All new loans or accounts and all creditor credit report requests C. How long a person has had an account or loan D. Stands for Fair Isaac Corporation, a company that provides lenders with formulas to figure out credit scores E. Credit score that is below 580 F. A way for lenders to predict how likely a person is to pay back a loan on time G. Whether a person is paying bills on time and as agreed H. Credit score of 800 or more

What is the billing and collection process flow? Group of answer choices 1. If the customer is a new one or its existing credit is not sufficient, contact the customer and send a credit application. 2. Upon receipt of the completed application, obtain a credit report and decide if you will grant credit, and how much. 3. If you grant sufficient credit for the order, stamp the order as approved and send it to the shipping department. 1. A customer contacts the company with an order. 2. If the customer is an existing one, then you verify the amount of credit available. If the credit is sufficient, stamp the order as approved and send it to the shipping department. If the credit is not sufficient, go to the next step. 1. A customer contacts the company with an order. 2. If the customer is an existing one, then you verify the amount of credit available. If the credit is sufficient, stamp the order as approved and send it to the shipping department. If the credit is not sufficient, go to the…

As the full-time bookkeeper, your job is to make any corrections to the general ledger accounts.  Each correction needs the reason for the change and the effect on each account, whether it is an increase or decrease. Mesia has come to you for help.  For the third time this month, she has recorded a cash receipt twice.  She wants you to record a correcting entry that will reverse her mistakes.  The correcting entry she wants you  to make will record a credit to the Cash account and a debit to Sales.  What would you do?  Would you also accept a dinner offer from Mesia to fix her mistake?