0
What else can I help you with?
What is a letter of satisfaction?
A letter of satisfaction is a formal document issued by a lender or creditor that confirms a borrower has fulfilled all obligations under a loan or debt agreement. It indicates that the debt has been paid in full and that the borrower is no longer liable for it. This letter serves as proof of payment and can be important for the borrower's credit history and future financial transactions. It's often required for the borrower to receive a clear title or for other financial purposes.
What three types of information do creditors use to determine a prospective borrower's creditworthiness?
well, theres corinary, which is how many of your family members are alive, and what their jobs are. theres resiedntial, where you live and how you live. and the personality clause, which is weather you creditor likes you enough to lend the money
Why a creditor will be reviewing your credit history?
amount of debt
When was The Politically Incorrect Guide to American History created?
The Politically Incorrect Guide to American History was created in 2004-12.
Who is the primary borrower on the car loan?
The primary borrower on a car loan is the person who is responsible for repaying the loan and whose credit history is used to determine the loan terms.
How old does a co-borrower of a loan have to be?
18 with a credit history.
What three types of information doe creditors use to determine a prospective borrower's creditworthiness?
Creditors typically evaluate a prospective borrower's creditworthiness based on their credit history, which includes payment history and amounts owed. They also consider the borrower's income and employment stability to assess repayment capacity. Additionally, creditors often review the borrower's debt-to-income ratio, which compares monthly debt payments to monthly income, to gauge overall financial health.
Can you explain how having a cosigner works?
Having a cosigner means that someone with a good credit history agrees to be responsible for a loan if the primary borrower cannot pay. This can help the borrower qualify for a loan or get better terms, but it also puts the cosigner at risk if the borrower defaults.
How is a primary borrower's credit affected if he or she defaults on a loan but the cosigner pays the loan?
The defaulted debt will become a negative entry on the primary borrower's credit history and will remain for the required 7 years.
How do you get a writ taken off your credit history?
Get a copy of your report and write the creditor responsible for the discrepancy.
How do lenders evaluate the likelihood that a borrower or cosigner will repay the loan?
Lenders evaluate the likelihood of repayment by looking at the borrower's credit history, income, employment stability, and debt-to-income ratio. They also consider the cosigner's financial situation and creditworthiness.
What are the 3 Cs of lending?
# Credit - can the borrower display a history of creditworthiness # Capacity - can the borrower's current financial situation (income and expenses) support repayment of the debt according to the contract terms # Collateral - does the collateral being offered (in the case of a mortgage, this is the home itself) have enough intrinsic value to protect the lender's interests in case of borrower default
