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What is loss rate on credit exposures?
if a borrower has default in payment ...so it a loss to bank...n the percentage of loss is the rate on its credit exposure
What is non installment credit?
Noninstallment credit is credit that is paid all at once, in a single payment. It is usually very short-term, and it doesn't usually make the borrower pay an interest rate.
What are the terms for a Bank of America home loan?
The terms depend on the credit situation of the particular borrower and the down payment that he/she is able to make.
What is sound credit?
Sound credit refers to a borrower's strong creditworthiness, characterized by a solid credit history, timely payment of debts, and a low credit utilization ratio. It indicates that the borrower is likely to repay loans responsibly, making them a lower risk for lenders. Sound credit can lead to better loan terms, such as lower interest rates and higher credit limits. Maintaining sound credit is essential for financial stability and access to credit.
How is a cosigner affected when the primary signer is late on a payment?
The late payment(s) will show on the co-signer's credit report. If the loan defaults, the company can look for the co-signer to pay the remainder. Co-signing is very risky if the primary borrower has poor credit--it reflects poor payment habits.
What is loss rate on credit exposures?
if a borrower has default in payment ...so it a loss to bank...n the percentage of loss is the rate on its credit exposure
What is non installment credit?
Noninstallment credit is credit that is paid all at once, in a single payment. It is usually very short-term, and it doesn't usually make the borrower pay an interest rate.
What are the terms for a Bank of America home loan?
The terms depend on the credit situation of the particular borrower and the down payment that he/she is able to make.
What is credit analysis?
Credit analysis is a study by a credit analyst where -- based on the loan application and the available info from 1, 2, or 3 credit bureaus -- she analyzes and attempts to predict how responsible the prospective borrower is in the use of credit. In other words, whenever a prospective borrower applies for a loan, a credit analysis is done, in order to discover A) What the prospective borrower's payment history is, B) How much credit has been already extended to him, and C) If he has the capacity to repay the proposed loan under the terms of the most likely loan agreement.
What is sound credit?
Sound credit refers to a borrower's strong creditworthiness, characterized by a solid credit history, timely payment of debts, and a low credit utilization ratio. It indicates that the borrower is likely to repay loans responsibly, making them a lower risk for lenders. Sound credit can lead to better loan terms, such as lower interest rates and higher credit limits. Maintaining sound credit is essential for financial stability and access to credit.
How is a cosigner affected when the primary signer is late on a payment?
The late payment(s) will show on the co-signer's credit report. If the loan defaults, the company can look for the co-signer to pay the remainder. Co-signing is very risky if the primary borrower has poor credit--it reflects poor payment habits.
What is the difference between co signer and co borrower?
A co-borrower has an ownership interest in the property. A co-signer guarantees the repayment of the loan although they do not own the property. If the primary borrower defaults, the lender can (and will) go after the co-signer for payment. The loan will usually not show up on his credit report, unless the borrower defaults.
Does buying a car improve your credit?
Purchasing a car can promote good credit by establishing a positive payment history. Creditors want to see that a borrower has good debt and a history of making promised payments.
Can you buy a house after a deed in lieu of forcloser?
It will take at least 4 years under current conditions to recover your credit enough to be considered for a new mortgage. That's if you become the perfect credit consumer. Perfect payment history and perfect credit to income balances.
What is the difference between a credit line and a credit limit?
A credit line is the maximum amount of credit a lender is willing to extend to a borrower, while a credit limit is the maximum amount a borrower can borrow on a credit card or line of credit.
What are your rights as a co-signer if the payment is not made by the borrower and you make the payment?
It depends on whether your name is on the title as co-owner. If it is, then you have equal rights of possession. If NOT on the title, you have the right to KEEP ON PAYING to protect your good credit. Have fun
What is the difference between a credit access line and a credit limit?
A credit access line is the maximum amount of credit a borrower can access from a lender, while a credit limit is the maximum amount a borrower can borrow on a credit card or line of credit.
