impact-of-credit-score-on-loans
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Louisiana State University *
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1001
Subject
Finance
Date
Jan 9, 2024
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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
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lOMoARcPSD|33086530
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Related Questions
Please answer correct explain plz asap
Don't answer by pen paper plz
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Based on the chart which credit card would you choose for yourself and why
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How do you create a loan in Quickbooks?
A. Select Banking > Create Loan
B. Use the loan manager
C. Create the loan account
D. Create a liability account
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Subject: UBFB2023 CREDIT AND LENDING ANALYSIS
Lending occurs whenever a financial institution gives something to a borrower on credit. Financial institution will not openly disclose their credit criteria and two banks have different credit assessment. Discuss the credit assessment in the context of "Arts" and "Science"
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Please correct answer and don't use hand raiting
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STAND AID V
APPLY FOR AID V
COMPLETE AID PROCESS V
MANAGE LOANS
< Return To Module Selection
Check Your Knowledge
Question 2 of 3
Please read the following questions carefully and choose an answer from the choices below
you select an answer, select "Continue."
Check Your Knowledge
Which loan type provides interest subsidy, meaning Department of Education
(ED) pays your interest while you're in school, during your grace period, and
during deferment?
Direct Unsubsidized
Direct Subsidized
None of the above
v Check Answer
Continue
Previous
%23
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Made an internet transfer to NBS for R2150.R2000was in repayment of the loan and the balance was the interest on the loan.How do you record this in a CPJ for grd 8???
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Promissory notes can be used in which of the following cases?
a.
Lending money
b.
All the given options
c.
Borrowing money
d.
Credit purchases or credit sales
Clear my choice
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I need help. What is the correct answer.
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Your friend Binna has a money market mutual fund account, automatic deposit of her paycheck into an interest-bearing checking account at the company credit union, and a CD from the local branch of a bank that advertises "coast-to-coast" banking. What is the benefit of "mixing and matching" financial institutions and their services?
Question content area bottom
Part 1
What is the benefit of "mixing and matching" financial institutions and their services? (Choose all that apply.)
A.
Increasing the flexibility of managing funds.
B.
Increasing risk due to increased investments.
C.
Minimizing service charges and other fees.
D.
Maximizing the returns and features from combined accounts.
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can you explain this to me
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_____ is the most popular type of open-end credit.
Amount creditFinance credit Installment creditRevolving credit
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Extended by banks to qualified borrowers *
investment
unsecured loans
stand-by credit
financial advise
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Loan Servicing Companies..
O Collects monthly payments, remits to investor
O Purchase loans on the secondary market
O Decide on credit criteria for new loans
O Underwrite home loans
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5. Which of the following types of student loans is influenced the most by an applicants credit score
A. Federal B. State C. Private D. Perkins
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Sh11
Please help me.solution
Thankyou.
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Look for examples of financial institutions financial instruments and financial markets in the philippines or in your local community list down three examples for each category and provide a brief information about them.
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lending of things/money to individuals or
organizations that is expected to be paid
back on acertain time with interest.
Loan
Business Loan
Consumers Loan
Mortgage
|I>
SLIDESMANIA.COM
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6. Open account credit provides a debtor with a predetermined line of credit and a
flexible payback period. Which of the following is an example of open account
credit?
i. Personal Loan
ii. Overdraft
i. Charge card
iv. Education loan
A. i and ii
B. i,i and ii
C. ii and ii
D. i,ii,i and iv
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q7
Which of the following holds deposits, makes loans and provides other financial services to member-owned organizations?
a.
Mutual Funds
b.
Central Bank of Oman
c.
Commercial Banks
d.
Cooperative Banks
q8
Financial market does have a location such as.
a.
Bank Muscat
b.
Knowledge oasis Oman
c.
Muscat grand mall
d.
Chamber of commerce
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Directions: Match the vocabulary definitions to the vocabulary words.
Vocabulary Words
1. Credit score =
2. FICO =
3. Poor FICO credit score =
4. Exceptional FICO credit score =
5. Payment history scores =
6. Length of credit history=
7. New credit =
8. Total debt, balances, and utilization =
Vocabulary Definitions
A. Total owed as well as how much available credit a person is using
B. All new loans or accounts and all creditor credit report requests
C. How long a person has had an account or loan
D. Stands for Fair Isaac Corporation, a company that provides lenders with formulas to figure out credit scores
E. Credit score that is below 580
F. A way for lenders to predict how likely a person is to pay back a loan on time
G. Whether a person is paying bills on time and as agreed
H. Credit score of 800 or more
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17-Which of the following journal entry is correct for payment of loan instalment?
a.
DebitBank Credit Cash account
b.
Debit Loan account Credit Cash account
c.
Debit Cash account. Credit Capital
d.
Debit Cash account Credit Loan
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Please don't use AI solution
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Which of the following is not a way in which banks lend short-term unsecured loans?
a. Through a guaranteed credit line that has a commitment fee for any unused amount for the year
b. Through credits cards lines with a certain credit limit
c. By sending the amount earned from trust and investment products offered by the bank
d. By lending a single date maturity loan to a debtor
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Note: Do not copy on the internet
1. Explain what is international financial institution or IFs?
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please quickly thanks !!!!
how to understand the characteristics of letter of credit?
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Customized SoftwareCustomized Software, a software company (the “Company”), is contracted by a bank (the“Bank”) to provide a customized online platform for the Bank’s mortgage loan applications (the“Loan Platform”). Bank customers use the Loan Platform to complete online mortgageapplications, which involves inputting relevant information (e.g., name, address, employment,income, assets) and uploading supporting documents (e.g., tax returns, bank statements). TheLoan Platform enables both the Bank and the applicants to retrieve necessary information anddocuments as well as track the status of the lending process in real time.To develop the Loan Platform, the Company significantly modifies and customizes itsproprietary loan application software to work with the existing systems used by the Bank’scredit, customer service, and accounting departments. To create a Loan Platform that meets theBank’s specifications, the Company is contractually required to perform the following specificsoftware…
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2. There are six laws that regulate consumer credit in the United States. The one thatprotects credit card holders if their card is lost or stolen is ______________.a. Fair Credit Reporting Actb. Equal Credit Opportunity Actc. Truth-in-Lending Actd. Fair Credit Billing Act
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SEE MORE QUESTIONS
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Cornerstones of Financial Accounting
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Related Questions
- Please answer correct explain plz asap Don't answer by pen paper plzarrow_forwardBased on the chart which credit card would you choose for yourself and whyarrow_forwardHow do you create a loan in Quickbooks? A. Select Banking > Create Loan B. Use the loan manager C. Create the loan account D. Create a liability accountarrow_forward
- Subject: UBFB2023 CREDIT AND LENDING ANALYSIS Lending occurs whenever a financial institution gives something to a borrower on credit. Financial institution will not openly disclose their credit criteria and two banks have different credit assessment. Discuss the credit assessment in the context of "Arts" and "Science"arrow_forwardPlease correct answer and don't use hand raitingarrow_forwardSTAND AID V APPLY FOR AID V COMPLETE AID PROCESS V MANAGE LOANS < Return To Module Selection Check Your Knowledge Question 2 of 3 Please read the following questions carefully and choose an answer from the choices below you select an answer, select "Continue." Check Your Knowledge Which loan type provides interest subsidy, meaning Department of Education (ED) pays your interest while you're in school, during your grace period, and during deferment? Direct Unsubsidized Direct Subsidized None of the above v Check Answer Continue Previous %23arrow_forward
- Made an internet transfer to NBS for R2150.R2000was in repayment of the loan and the balance was the interest on the loan.How do you record this in a CPJ for grd 8???arrow_forwardPromissory notes can be used in which of the following cases? a. Lending money b. All the given options c. Borrowing money d. Credit purchases or credit sales Clear my choicearrow_forwardI need help. What is the correct answer.arrow_forward
- Your friend Binna has a money market mutual fund account, automatic deposit of her paycheck into an interest-bearing checking account at the company credit union, and a CD from the local branch of a bank that advertises "coast-to-coast" banking. What is the benefit of "mixing and matching" financial institutions and their services? Question content area bottom Part 1 What is the benefit of "mixing and matching" financial institutions and their services? (Choose all that apply.) A. Increasing the flexibility of managing funds. B. Increasing risk due to increased investments. C. Minimizing service charges and other fees. D. Maximizing the returns and features from combined accounts.arrow_forwardcan you explain this to mearrow_forward_____ is the most popular type of open-end credit. Amount creditFinance credit Installment creditRevolving creditarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
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Recommended textbooks for you
- Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage LearningExcel Applications for Accounting PrinciplesAccountingISBN:9781111581565Author:Gaylord N. SmithPublisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Cengage Learning