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FAQ - Personal Finance

Where can I find helpful information on money management, credit cards, and personal finance?
- As a start, regularly check the Money 春雨直播 section of our website - there you can find information and tools to help you become a savvy student consumer. Also review the resources available in our Tools/Links section.
Why is creditworthiness important when I apply for a private alternative loan?
- It is important because your eligibility, interest rate, and some fees are determined by your credit score (and that of your cosigner if you have one).
What is a credit rating or score?
- A credit score is the numerical rating that lenders use to determine the risk associated with a borrower.
What is the difference between a credit report and a credit score?
- A credit report聽shows your financial history. The report covers account information, account balances, and information on any late or missed payments. A credit score is a numeric rating and is calculated from your credit history. It shows potential lenders how聽much you've borrowed and how likely you are to pay back your debt based on your past financial history.聽
Why does good credit matter?
- Good credit affects the terms and conditions offered to you when you apply for loans. Generally, the better the credit, the lower the interest rate. This will save you money on such items as private loans for your education, car loans, and even a loan on a house.
What is the best way to improve my credit score?
- There are many ways to improve your credit score- the most important is聽to make payments on time, and the second is to pay down debt.
What factors affect my credit score?
- The factors which affect your credit score in approximate order of importance are:
  1. Payment history
  2. The amount owed
  3. Length of you credit history
  4. New credit opened
  5. Types of credit used