discussion questions 339

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READ AND RESPOND TO EACH NUMBER. YOU WILL EITHER BE ANSWERING A QUESTION OR RESPONDING TO A POST. MINIMUM WORD COUNT 75 MAX 150. DO NOT PUT IN APA FORMAT. JUST LIST THE NUMBER WITH THE ANSWER BESIDE IT.

THANKS!

1)This Chapter actually helped clear up some information for me. I’ve been struggling for the last year to get my credit score up. I recently found out that a family member was using my information to sign for leases and pay bills and such, would end up not paying anything and it would negatively effect my score. I’m proud to say I got my score up from 399 to 620 now, but with the information provided here it should help me speed it up some.

2)I hope that the issues that occurred with these family members were at least done with your knowledge and permission. I’m really glad that you were able to fix your credit scores. I agree with you both about the fact that Chapter 5 was extremely information. I was unaware of the different types of credit- I am still learning. I have been working on trying to get my first apartment and my credit score is currently in the low 600s. I am working on trying to mend my credit because I’m tired of being in debt. I strongly dislike owning people money and every time I look at my credit card balance its a constant reminder that I owe a lender some money. If I knew the information that I know now then I would have made completely different choices while using a credit card. I look forward to learning more in this class to help me with my financial decisions.

3)In the past, financial institutions used credit scores for determining auto and home loans. Today, if we apply for auto insurance, home insurance, cell phone service, or other services, the company may retrieve your credit report to determine your rates. What are some uses and misuses of credit? What are some advantages and disadvantages of credit?

4)After completing this chapter I was able to determine the advantages and disadvantages of credit. When using credit there are many advantages of using credit, having a credit card allows consumers to purchase goods and services at any given moment. Having a good credit line also enables consumers to receive more credit cards and a higher credit score. The convenience that credit cards have has always been beneficial to anyone who possess one, however there are several disadvantages of credit cards. Misusing using a credit card is the first step towards affecting your credit score. Excessive usage of an credit card shows lenders that you are not responsible, Furthermore, failure to repay a loan or credit can result in many losses, such as cars, homes etc.

5)Many people misuse credit cards like case for routine purchases such as food, gas, movie tickets and other daily living expenses. Only paying the minimum monthly payment amount could also be an example of misusing credit. Doing this increases the time it will take to pay the card off, which increase the amount of interest owed on the card. Some examples of positive credit card uses are working to build or rebuild credit history, lifesavers emergencies(unexpected car repairs). Credit cards allows a person to buy goods even when funds are low. Advantages of using a credit card would be being able to return items without proof of purchase because the retail stores can search for the purchase made by credit card. Being able to shop and pay for several different items with only one big monthly payment would also be an advantage. Some disadvantages of having a credit card would be having a temptation to overspend causing failure to repay. If you can’t repay the credit card amount it could lead to a loss of income, valuable property and also cause a bad reputation. It could even lead to court action or having to file bankruptcy.

6)This chapter was loaded with useful information for me. I want to buy a house within the next five years. After reading this chapter, I feel like I have more of an understanding of what type of loan to get. I hope by the end of this course that I will have all the information I need to purchase my house. I am glad to know that the ECOA does not discriminate on where you buy a house, this is known as redlining.

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