Business Owners, help me?

Bank Managers and Financial Planners Please Read This and Help Me Out!?


this is for my economics course.


PLEASE DO NOT IGNORE THIS.


I am just in need of some answers for an interview with a bank worker.


after you answer the questions i will need the following information:


a.Name


b. Company they work for


c. Address


d. Phone number


e. E-mail address (if possible)





here is what i need to know:


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?





thank you so much for your time

Business Owners, help me?
For my own privacy, I wont declare name-rank-serial number on this most public of places, but you are welcome to contact me thru yahoo's mail system. I own a multimillion dollar manufacturing firm and can assist you... The answers for you are....





1. The positive implications are self-evident. You will be readily accessed to credit and loans with a good credit history. The bad implications are that your credit can be ruined for at LEAST 7 years if you are a slow paying creditor and 10 years if you go through bankruptcy. This can affect you greatly when you graduate, because you cant get a car loan for the car you will need for your job OR you end up paying USURIOUS interest rates, and you will pay the devil to get a home loan should you wish to buy a house or condo.





2. Opening up a credit card account, responsibly paying off the minimum charges EACH MONTH, and keep that account open for YEARS, as it creates credit history which is good for your credit report and FICO score ( Fair Isaac).





3. Using credit cards for cash advances. Using cash advances for paying off other credit card bills. MOST IMPORTANT.... Using payday cash advance companies. Their effective interest rates are in excess of 75% APR in many cases.





You should select a card that has a generous grace period (25 days or better) and a low interest rate (usually below 10%). This allows you more time to pay off the card without incurring interest charges. You should choose a card that has a 0% APR on account balance transfers so that you can transfer open debt on high interest rate CC's and shut those puppies down!! You should also look into opening other 0% APR accounts when your introductory period ends, so that you can x-fer your balances AGAIN and avoid interest charges.








Good luck!!