|
Definitions
|
| Credit assessment |
Your credit is calculated as 'Good', 'Fair' or 'Needs Improvement'. A good credit assessment means you should be able to qualify, within the limits of your income, for most loans. You are also much more likely to receive the best interest rates available. If your credit is fair, you will probably not have trouble qualifying for a loan, but you may not receive the best available interest rate. If your credit rating needs improvement, you may have issues that could limit your ability to qualify for many loans. |
| Consumer loan payments |
Enter the number of late consumer loan payments you have had in the last two years. Consumer loan payments include car loans, student loans, and credit cards. |
| Mortgage or rent payments |
Enter the number of late mortgage or rent payments in the last two years. Mortgage and rent payments include the following types of payments: mortgage, rent, equity line and second mortgage payments. |
| Bankruptcy last two years |
If you of any of your co-borrowers filed for bankruptcy within the last two years, mark this entry as "Yes". |
| Bankruptcy three to seven years |
If you or any of your co-borrowers filed for bankruptcy within the last seven years, mark this entry as "Yes". |
| Foreclosure last two years |
If you or any of your co-borrowers had a property sold under foreclosure within the last two years, mark this entry as "Yes". |
| Foreclosure three to seven years |
If you or any of your co-borrowers had a property sold under foreclosure within the last seven years, mark this entry as "Yes". |
| Open lien |
If you or any co-borrowers have open collection items, charge-offs, judgments, or liens mark this entry as "Yes". |
Credit Counseling Service Resources: Financial Education and Debt Help
Family Credit Management Service offers debt management services and financial education resources to help you get control over your finances. Our certified Christian credit counselors are expertly trained to assess your situation and tailor a debt management program that will cut years off your debt and help you on the road to financial freedom. If you are overwhelmed with credit card debt or are considering declaring bankruptcy, professional debt help is available by calling 800-994-3328, or complete our online enrollment form and one of our certified credit counselors will contact you to help you get started.
|
Information and interactive calculators are made available to you as self-help tools for your
independent use. We can not and do not guarantee their accuracy or their
applicability to your circumstances. We encourage you to seek personalized
advice from qualified professionals regarding all personal finance
issues.
|
