FP 100 Week 3 Discussion

FP 100 Week 3 Discussion | University of Phoenix

Wk 3 Discussion - Credit History and Access to Credit [due Thurs]

Wk 3 Overview

Wk 3 - Ch. 6 Practice [due Sat]

Discussion Topic

Top of Form

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to classmates or your faculty member. 

Due Thursday 

Do you own a home? Do you rent? What type of home do you want to be in now or in the near future? Many dream of being a homeowner, yet there are a lot of considerations before knowing if that’s the best choice for you and your family. Does your budget allow you to make a mortgage payment plus maintenance? How would you know if a mortgage is affordable? 

Your credit history and credit score could prevent you from qualifying for a mortgage or for other types of credit. Your credit report will show how you use credit. The good news is that your report is frequently updated, which can help you build and improve your credit score. Have you seen your credit report lately? Do you know your credit score? 

·         Which concepts from Ch. 5 and 6 will be most important to your finances? Why are these relevant to you and how might you apply them to your life?

·         What advice would you offer a friend about how to build and maintain a positive credit history knowing that a credit score is used in decisions like which rental applicant is approved, rates on loans and credit cards, the cost of insurance premiums, and even the amount of a utility deposit?

·         Your friend is hoping to buy a home in the next few years. What should your friend know about the process of finding and paying for a new home? What do they need to know to make the home-buying process smoother? Then consider what you learned in the Ch. 6 video, “Demonstration Problem Video 6.5: Calculating an Affordable Home Price.” How would your friend determine what is affordable?