ENGLISH FOR BUSINESS II

FINAL EXAM

GROUP 4
Keila Cueva Tello - N00233932
Lily Cordova Garcia - N00272301
Dayanna SerratoCondo - N00225098
Xiomara Huayanay Castro - N00265531
Carol Dayanne Quiñones Lopez - N00183109

Teacher : Narby Maritza

Izaguirre Ciña

Lima - Perú 2023

IMPORTANCE OF HAVING GOOD CREDIT

A favorable credit opens financial doors:

Having “good credit” can help you access financial opportunities. Major
Purchases: If you can't make a purchase with cash, the vast majority of large
purchases, like houses and cars, require some form of credit.

AIl importance of having a good credit history:

1. You get better interest rates.
2. You become a good prospect to obtain loans and financing.

Good credit history:

Banks look at people's financial behavior and summarize it in their credit
history.
1. Credit history.
2. Make a payment plan.
3. Do not over borrow.
4. Pay your installments on time.
5. It has extra savings.
6. Know your willingness to pay.
We all have financial goals and dreams that we want to achieve. If you want to
make your financial goals a reality, knowing how to build and maintain a strong
credit history will help you a lot.
TECHNIQUES FOR BUILDING A
STRONG CREDIT HISTORY
Dont go near your credit limit
Credit scoring models look at how close you are to reaching the “max”,
so try to keep your balances low compared to your total credit limit. If
you close a few credit card accounts and put most or all of your credit
card balances on one card, you can hurt your credit score if it means
youre using a high percentage of your total credit limit. Use credit for
no more tan 30 percent of your total credit limit. You dont need to draw
on credit cards to get a Good score. Paying off the balance each month
helps you get the best scores

Know your willingness to pay

This refers to the amount of money that you have monthly to be used
for your payments. To find out, put together your personal Budget. The
result of the subtraction of your monthly income and expenses is the
margin of money that you have avaible.

Create a payment plan

Once you know how much money you have, make a schedule and write
down the dates when you must make your payment, make them on
time by setting up automatic payments or setting up electronic
reminders, preferably days before your due date so that you are not
“running” or you miss the day.
Make All Your Payments on Time
Your credit report will not always reflect all the monthly payments you
must make, so you should check the due dates of your invoices, so that
they are not reported as debts and added as negative accounts to your
credit report, thus lowering your credit score.

Limit new credit applications

When it comes to maintaining a good credit history, the logic of more is
better doesn't apply. When opening many accounts or requests,you
may seem like a greater risk to the bank and have a negative impact on
your credit score,Temporarily reducing your credit score by a few
points, but they can be transformed into more by the cumulative effect
of applications.

Ask for your credit history.

You must request a report of your credit history to verify or detect
possible errors and can make the corresponding claims.For example, if
you have credit cards that you no longer use, make sure that there is no
one impersonating you and using them.
Explain how new business
need financing
The support that every company needs to grow is financing, since it is
a means to achieve its objectives in the short and long term.
Financing is the process by which capital is provided to a company or
person to use in a project or business, that is, resources such as money
and credit so that they can execute their plans. Likewise, it allows
obtaining the economic resources necessary to carry out an activity.

In the case of companies, financing is a crucial factor, since:

Allows the purchase of raw materials to start your business (cloth,

paints, dairy products, cereals, etc).
Allows you to develop your operations with the purchase of real
estate or essential machinery.
Allows the purchase or lease of the place where the business will
start, etc.

Example:
Juan wants to start a business of making and selling clothes, to start
financing to rent or buy the place where he will locate and operate his
business, he must also buy sewing machines and cut fabric to develop
his business. Finally, Juan will have to buy his raw material (fabric,
thread, etc.) to start making the clothes.
conCLUSION

By having a good credit history you get better interest rates and
thus you can obtain loans and financing.

All banking or credit entities can consult the credit history of any
person for different purposes.

If payments are made on time or in advance, a record will be kept

and also if there is any delay.

If payments are made on time or in advance, a record will be kept

and also if there is any delay.

1. Increase the card credit line.

2. Obtain mortgage loans.
3. Access car credits.
4. Have business credits.
5. Commercial credits.
6. Departmental cards.
7. Payroll or personal loans.

keep in mind that the power requests a report of your credit history
to verify possible errors and ensure that you do not impersonate
your identity

try to keep balances low compared to your total credit limit.

Opening many accounts can seem like a bigger risk to the bank and
can have a negative impact on your credit score.