impact-of-credit-score-on-loans

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Louisiana State University *

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1001

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Finance

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Jan 9, 2024

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pdf

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Studocu is not sponsored or endorsed by any college or university Impact of Credit Score on Loans (Personal) Finance (Central High School (Wisconsin)) Studocu is not sponsored or endorsed by any college or university Impact of Credit Score on Loans (Personal) Finance (Central High School (Wisconsin)) Downloaded by Jack Harrison (jackharrison1511@gmail.com) lOMoARcPSD|33086530
NGPF Activity Bank Managing Credit Spanish Version CALCULATE: Impact of Credit Score on Loans For this activity, you’ll need the credit scores you calculated previously in the activity CALCULATE: FICO Credit Scores . If you’ve already completed that activity, copy over the credit scores in the chart below; if not, you’ll need to do that activity now. Use the highest number from their estimated range. Note that Danielle had no credit history, but since that time she’s opened one credit card and made her payments on time. Her current score is 685. 1. NAME SAM JESSICA DANIELLE Estimated Score 685 Now, assume that each of the three students has graduated from college, maintained their credit score, secured a $50,000/year job, and now wants to go car shopping. Use the FICO Loan Savings Calculator to determine how much the loan is going to cost Sam, Jessica, and Danielle. Enter the following information into the calculator: A. Type of Loan: 60-month new auto B. State: National C. Loan Principal Amount: $21,000 D. Current FICO Score Range: Varies by person E. Push Calculate 2. Complete the chart below using data from the calculator. NAME SAM JESSICA DANIELLE Estimated Score 620 750 685 APR (~interest rate) 12.1 7.095 9.888 Monthly Payment 468 417 445 www.ngpf.org Last updated: 10/20/22 1 Downloaded by Jack Harrison (jackharrison1511@gmail.com) lOMoARcPSD|33086530
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