Page 4 College Station, Texas Thursday, September 9, 1965
THE BATTALION
How Good A Credit Risk Are You?
By The Associated Press
In this age of the charge ac
count, we’re likely to assume that
credit, if not money, grows on
trees. And it is true that, for
most people, credit is easier to
come by now than ever before.
Most department stores will
extend a charge account to any
one with two of three things—a
job, a bank account, or another
charge account.
But what if you find yourself
wanting or needing a substantial
sum of cash for, say, a vacation
trip, some dental work or a home
decoration project? You would
probably go to the bank where
you have your checking account,
because (a) they konw you, and
(b) their interest rates are lower
than those of most credit sources.
How good a credit risk would
you be ?
Here’s a quiz to find out, based
on bankers’ many years of ex
perience. These are not neces
sarily the questions bankers
would ask you; the questions are
intended for you to appraise
your own financial responsibility.
If all your answers agree with
the ones here, you’re that rare
creature, the perfect credit risk.
Q. Have you worked for the
same firm for two years or more ?
A. Yes. Job stability is an im
portant factor where banks are
concerned. Of course, if your job
is routine, a “yes” could mean
you’re just a stick-in-the-mud,
but sticks-in-the-mud do tend to
be dependable.
* * *
Q. Have you changed your ad
dress more than twice in the last
three years ?
A. No. Bankers like to know
where they can reach people. On
the other hand, numerous changes
of address do not negate the fact
that you pay your rent on time
in each place.
* * *
Q. When buying on credit, do
you always make as small a
down payment as possible, in
order to enjoy your purchase
while you’re paying for it?
A. No. The fact that you’ve
made a large down payment
shows the banker that (a) you
are able to save ahead for what
you want, (b) you realize that
interest on the remaining install
ments will be less, so that the
purchase will cost you less in the
long run.
* * *
Q. Does your checking account
require a minimum balance?
A. Yes. Maintaining any type
of bank account is in your favor,
but the fact that you keep an
ever-ready “cushion” in your
checking account is especially
helpful when you apply for credit.
Q. Do you own your home?
A. Yes. A house is a valuable
asset. And regular mortgage pay
ments indicate that you handle
credit responsibly.
* * *
Q. Do you already have several
large outstanding debts — big
medical bills which you are pay
ing off in installments, for ex
ample ?
A. No, unles you’re rich and
have kept your debts in line.
Your total debts, according to a
rough rule of thumb, should not
exceed a third of your “discre
tionary” spending for the year.
(“Discretionary” money is what’s
left over after you have paid
for the essentials—food, hous
ing, clothing, insurance.)
* * *
Q. Does your income fluctuate
—feast one year and famine the
next?
A. No. If your income goes up
and down—if your earnings de
pend on commissions, tips, or
fees—you are less likely to be
a good credit risk than the person
with a steady, salaried income.
(However, you can demonstrate
your financial stability in other
ways, such as those mentioned
above.)
* * *
Q. In applying for a loan, do
you wait until the last possible
moment before you decide that
borrowing is inevitable ?
A. No. Borrowers who are in a
great hurry to get their hands on
cash may raise questions in the
lender’s mind. Your credit record
and other items must be carefully
checked, and this can take a
little time, though the money
may be available at your bank
within 24 hours.
TOP AIR FORCE CADET
Cadet Capt. Robert J. Harcrow receives the Commandant’s
Award at Robins Air Force Base from Col. Gordon F. Goyt,
commander of the 465th Bomb Wing-.
Harcrow Named Top Cadet
At Robins Air Force Base
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;
Cadet Capt. Robert J. Harcro*
won top honors among 89 ROIC
juniors at Texas A&M who were
field trained at 15 Air Force
bases from Maine to California
this summer.
Captain Harcrow was named
outstanding cadet at Robins
APB, Ga., and received the Com
mandant’s Award. A history ma
jor, Harcrow is executive officer
of Squadron 3. His father is an
officer at Robins.
Altogether, 72 Aggies finished
in the top half of their flights.
Five Aggie cadets received
vice - commandant’s awards for
finishing at the top of their
flights. They include:
Lt. Col. Kenneth B. Wille, ex
ecutive officer for the Cadet Air
Division. He took honors at Ham
ilton APB, Calif. Wille is an aer
onautical engineering major. His
father is stationed at Travis
APB, Calif.
Lt. Col. Frank D. Watson, com
mander of the 2nd Wing. He
trained at Fairchild APB, Wash.,
his father’s station. Watson is a
physics major.
Maj. Ronald D. Schappough,
commander of Squadron 9. First
at Maxwell APB, Ala., Schap
pough is an aeronautical engi
neering major from Tacoma,
Wash. His father is serving in
the U. S. Army in Europe.
First Lt. Michael 0. Beck of
Squadron 2 led his flight at Otis
APB, Mass. His home is in New
port, R.I. Beck is a government
major.
Alton D. Phelps of Johnson
City trained at Lowry AFB, Colo.
He is majoring in physical edu
cation.
Col. Jay A. Gray, commander
of the Cadet Air Division, re
ceived the Air Force Times award
as second best cadet among 188
juniors who trained at James
Connally AFB. Gray lives in Aus
tin.
Also at Connally AFB, Maj
David A. Trifon, commanding of
ficer of Squadron 14, was named
most outstanding athlete. From
Houston, Trifon is on the Aggie
swimming team. He is an econ
omics major.
And Lonnie L. Powell of Hous
ton won the pistol marksmanship
award. He is an electrical engi
neering major.
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