Make Friends with Credit

By Amber Rose

Let's face it: credit is confusing.

 

Trying to figure out where to start is a daunting proposition.

 

No doubt, you've encountered contradictory information.

 

You ask yourself, "How can I get approved for my first auto loan or home loan?"

 

Here is your answer, especially if you find the notion of reading a long, "How to build your credit" books unappealing. This book is the blueprint for the following:

• Getting started building credit
• Knowing what banks require when applying for a loan
• Common mistakes to avoid
• Familiarizing yourself with "banker jargon"
• And much more

In a simple Q&A format, Amber Rose answers the most common questions asked during her fifteen years working in the banking industry. With the help of this guide, you'll be building credit like a pro.

• Language: English
• Publisher: Amber Rose
• Release date: Mar 17, 2022
• ISBN: 9798985857511

Book preview

Make Friends with Credit

understand and build a lasting relationship with good credit

Amber Rose

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Taylor Rose Creations

Copyright © 2022 by Amber Rose

Cover design by David Ter-Avanesyan

Edited by Maggie Lyons

Logo design by R. Taylor

All rights reserved.

No portion of this book may be reproduced in any form without written permission from the publisher or author, except as permitted by U.S. copyright law.

To Brian, who taught me the art of creative lending and believed in me like no other.

To my father, who taught me my very first financial lessons.

And to my mother, my greatest support and number one fan.

Contents

INTRODUCTION

PART ONE: BASICS

1. Q: What is credit?

2. Q: What makes up my credit?

3. Q: What’s the difference between credit reports and credit scores?

4. Q: What factors contribute to my credit score?

5. Q: How does my credit score affect my loan interest?

PART TWO: BUILDING CREDIT

6. Q: I have no credit. Does that mean I have good credit?

7. Q: How do I build my credit?

8. Q: What’s the best way to start building credit?

9. Q: Is it important to start building credit as soon as possible?

PART THREE: EVERYTHING YOU NEED TO KNOW ABOUT LOANS

10. Q: What are the main types of loan?

11. Q: What’s the difference between secured and unsecured?

12. Q: How do I apply for a loan?

13. Q: Is it good to pay a loan off quickly?

14. Q: What are the key things lenders look for?

15. Q: How much income is enough income?

16. Q: How do I know what kind of loan or service to apply for?

17. Q: Why do different loans have different interest rates?

18. Q: I qualify only for a high interest rate. Should I just pay in cash?

19. Q: What’s the deal with credit cards?

20. Q: How do I use a credit card?

21. Q: Does closing a credit card hurt my credit?

22. Q: I’ve never gotten an auto loan before. What should I know?

23. Q: Can I buy a car from an individual rather than a dealership?

24. Q: What do lenders look for when you ask for a car loan?

25. Q: What is a cosigner, and what is a coborrower?

26. Q: Can I, as a coborrower, remove my name from a loan?

27. Q: My bank turned me down! What gives?

PART FOUR: EVENING THE SCORE

28. Q: Why did my score drop?

29. Q: Why does it matter if I make a late payment?

30. Q: Why do too many inquiries cause my score to drop?

31. Q: Does taking out a new loan cause my score to drop?

32. Q: I can see my score online. Why is it different from the one pulled by my bank?

33. Q: I pay well, but my score is low. Please explain!

PART FIVE: TIDYING UP

34. Q: I have collections on my credit. What should I do?

35. Q: I have a ton of credit card debt. What should I do?

36. Q: Should I work with a debt management company?

37. Q: I hear so many horror stories about identity theft. Should I