EBK PFIN
6th Edition
ISBN: 8220103648844
Author: Billingsley
Publisher: CENGAGE L
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Chapter 6, Problem 1FPE
Summary Introduction
To discuss: A plan for Person E that can be used to establish a strong credit history and the impact of student loan on the credit history.
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Establish a credit history. After graduating from college last fall, Holly Baker took a job as a consumer credit analyst at a local bank. From her work reviewing credit applications, she realizes that she should begin establishing her own credit history. Describe for Holly several steps that she could take to begin building a strong credit record. Does the fact that she took out a student loan for her college education help or hurt her credit record?
Should this person open a credit card account? If they do decide to open the new credit card account, what’s one thing this individual should monitor?
Most young adults form their opinions about credit and debt from what they see in their parent's experiences. How has your perception of carrying credit card debt, student loans, and other borrowing changed as a result of reading chapters 6 and 7?
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