Text 6: how to establish credit

People frequently have difficulty borrowing or buying on credit because they have no credit history. To establish a «credit» people must prove that they are willing and able to handle financial obligations.

They might, for example, open a charge account in a department store or apply for a gasoline credit card. Prompt payment of the bills on these kinds of accounts will help establish a positive credit rating. If person has a savings account, they may already be eligible to apply for a passbook loan against the balance in that account. Here again, prompt repayment will add to credit rating. If necessary, it is possible to borrow before you have established a credit rating if you can find a co-signer. A co-signer is a person with an acceptable credit rating who guarantees to repay the loan if you are unable to do so. The point isthat a good credit rating is a valuable financial tool. While it may take some time to acquire and maintain, it will increase your financial options.

Vocabulary:

principal - основная сумма

finance charges – зд. оплата кредита

service charges – плата за обслуживание

annual percentage rate – ставка годового процента

installments – взносы

arrangement – договоренность

charge accounts – кредиты по открытому счету

household mortgage – жилищная ипотека

credit history – досье заемщика

capacity – способность

credit worthy – кредитоспособный

pledged as security for the loan – заявленное как обеспечение займа

loan credit and sales credit – ссудный кредит и коммерческий кредит

thrift institutions and lending agencies – сберегательные учреждения и кредитные агентства

good credit rating – хорошая кредитоспособность

Дата добавления: 2015-08-20