What factors besides past credit history does a creditor use to determine a person’s creditworthiness?

In order to do this, they look at several different factors: your overall credit report, credit score, and payment history. Your credit report outlines how much debt you carry, the high balances, the credit limits, and the current balance of each account.

What is the inability to pay debts based on the income received?

In accounting, insolvency is the state of being unable to pay the debts, by a person or company (debtor), at maturity; those in a state of insolvency are said to be insolvent.

What are three possible consequences of not meeting your responsibilities as a borrower?

What are the three possible consequences of not meeting your responsibilities as a borrower? You don’t pay on time, lender may have to hire a collection agency to help recover the funds. Never pay it the lender has to write it off and take a loss. Get bad credit history.

What is a loan guaranteed only by a promise to repay it?

unsecured loan. loan guaranteed only by a promise to repay it. interest. amount of money the borrower must pay for the use of someone else’s money. installment debt.