What is mean by credit ?

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dilip

Joined: 08 May 2009
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Posts: 1

34 Magic Points

Subject: What is mean by credit ?

Sat May 09, 2009 3:03 pm

What is mean by credit ?
What is his use.....?

carol

Joined: 27 Jun 2006
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Posts: 1362
Location: Los Angeles, California

29592 Magic Points

Mon May 11, 2009 8:03 am

Credit is the money you borrow from somebody. It helps you to build up a credit profile which gets reflected in your credit report prepared by the three credit reporting agencies of US - Experian, Transunion and Equifax. A good credit report helps you to apply for a new line of credit in future at an attractive interest rate. Every credit decision you make, be it mortgage or an auto loan, depends upon the credit score, which is a numerical three digit number based on the items listed on your report.
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Carol

cdloanmod

Joined: 26 Jan 2009
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Posts: 24
Location: Laguna Hills,CA

790 Magic Points

Subject: Re : Credit

Mon May 11, 2009 8:14 am

Hi,

Banks and credit unions can choose whether or not to take part in the program, but the bill is designed to make loan modification and other workouts a more attractive option. For one thing, the government offers incentives for lenders who offer workouts according to the Hope for Homeowners loan modification program. Participating lenders will have their federal insurance

Aneekalam

Joined: 09 May 2009
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Posts: 15

244 Magic Points

Subject: Hi dilip

Tue May 12, 2009 8:21 am

Credit simply means taking loan or to borrow money from anyone.
The first party is called creditor,and the second party is called debtor also known as borrower.

Takecare
Aneek Alam

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