ipl-logo

Credit Score Research Paper

455 Words2 Pages

Credit Scores Credit score helps the lender evaluate a credit report because it is a number that summarizes credit risks. A credit score is a very important number and it helps apply for a credit card, loans, mortgages, etc. Credit score is determined by percentage, 35 percent is payment history. 30 percent is amount of money a person owes. 15 percent is how long the credit history is. 10 percentage is new credit, and lastly, the other 10 percent are the different types of credit a person has ("How is my score determined?"). This percentage method is called FICO score. it was founded by Bill Fair and Earl Isaac in 1956. Credit score is a mix of three numbers, a “excellent credit” score ranges from 720 - 850. “Good credit” ranges from 690 - 720. “Fair credit” ranges from 650 - 690. “Poor credit” ranges from 350 - 650. “No credit” ranges from 000 - 349. Depending on the credit score a person has, it’s how much they will pay monthly. if the have a low credit score they will end up …show more content…

A credit report is information about an individual on their credit history. A negative piece of information in your credit report and it will stay there for about seven years. ("Credit Report Definition | Investopedia") Credit rating determines if you get a loan. A high credit rating means that the borrower will most likely make payments on time. Poor credit rating tells the lender that the borrower has a habit of late payments. Credit ratings does approve if you get a loan or not, but it also determines the interest rate, the amount of money a lender will charge for the loan ("Credit Rating Definition | Investopedia"). Debt is used by everyone. It is a way to borrow money and pay back later. Usually a person will use debt when they can’t afford what they need at the moment. A borrower will take out a loan and later on pay back the money he

Show More
Related

Nt1310 Unit 3 Predictive Modeling Assignment

393 Words | 2 Pages

Now let us consider the time and scope of the project. The credit scoring data set which was given to us consists of large amounts of data say 150000 rows, needs to undergo the data preprocessing phase

Read More

FICO 531 Week 5 Assignment

1050 Words | 5 Pages

Now for the first time, we can turn off the stress and frustration that comes with carrying these bad debts. And do the right thing to restore our great credit scores. Armed with this knowledge, we can turn off those embarrassing debt collection calls

Read More

The Transformation Of Musui's Story Of The Samurai

1403 Words | 6 Pages

For example, Katsu’s downfall and The Great Depression are events that deal with debt, but in different circumstances. In the book almost every commoner or samurai, especially Katsu himself, had fallen into debt from their own personal reasons. That debt led to their lives fully pertaining to begging and separation from one’s family. Katsu was first experienced to no money when he ran away the first time. He met two tradesmen and went along with them.

Read More

Five Credit Score Elements

831 Words | 4 Pages

Although the weight of each loan varies between individuals, defaulting on a larger installment loan like a mortgage will damage a credit score more severely than defaulting on a smaller revolving loan. One of the best ways for borrowers to improve a credit score as a whole is by making consistent, timely payments. 2. Credit utilization: 30% of the total credit score. Credit utilization is the percentage of available credit that has been borrowed.

Read More

Fair Isaac Corp.: Credit Score Analysis

92 Words | 1 Pages

FICO stands for Fair Isaac Corp., the company that over 50 years ago created what’s commonly known as the credit score. This credit or FICO score is a 3-digit number that determines the interest you will pay on credit cards, a car loan, a mortgage or other debts you may incur. It will also determine if a landlord will rent to you, utility companies will set up accounts without a large deposit, and can even be a factor in being hired for certain jobs or how much you’ll pay for car insurance.

Read More

IRS: An Offer In Compromise

843 Words | 4 Pages

This score is then put into a system and the ones with the higher scores are commonly selected for an audit. Many factors go into determining a DIF Score, these factors can include the proportion of income and expenses,

Read More

Argumentative Essay On ACT And SAT Scores

729 Words | 3 Pages

A students ACT and SAT score is just one portion of many college applications. Colleges and Universities look at GPA, an essay, and letter of recommendations to determine a student’s admission. Many people believe that the importance of the ACT or SAT score depends on the college and what other things the student has to offer (Drinkworth, 2015). The ACT and SAT tests can be an important factor in college admissions because they tests are on all subject areas, math, reading, writing, and science. Since each area is graded separately and the score is later averaged out it shows how the students does overall in the general

Read More

Student Paid Analysis

426 Words | 2 Pages

Federal loans are money funded by the federal government, and private loans are nonfederal loans, that are given by banks or schools. These money you have to pay them back in a certain period of time after you

Read More

Student Loan Forgiveness

1994 Words | 8 Pages

Thereupon, student debt is generally defined as a type of debt

Read More

Card Club Research Paper

561 Words | 3 Pages

Do you want your school to be happier and achieve higher grades? If so, you should change our schedule to have club period more often. Having clubs more often would immensely change this school in a great way. The administration of Andover Central High School should change the school schedule to have club period every other week to improve social skills of students, encourage students to practice their interests in a healthy manner, and help students achieve higher grades. One reason why ACHS should have clubs more often is because it would improve the social skills of students.

Read More

Credit Karma

603 Words | 3 Pages

Credit Karma Credit Karma is an affiliate of the TransUnion credit reporting agency. They offer a several tools to help you manage your credit history. You can find credit comparison charts, credit score simulators. There are also offer advice columns. Credit Karma has a user friendly interface.

Read More

Credit Card Debt

781 Words | 4 Pages

we now all have to deal with. In conclusion, credit card debt is something to not take lightly. It can happen to anyone at any given time. It may come from medical bills, unemployment, or even carelessness and the effects are devastating.

Read More

College Admission Research Paper

510 Words | 3 Pages

College Admissions Essay Debate is just one of many words, people can use to describe the situation that happened my sophomore year. A debate is a group of people having an argument about a certain subject that is important to them or a matter at hand. During my sophomore year, the school decided to have all the classes make a social contract for every hour “Which was fine…..’ until I got to my fifth hour U.S. history class. When class began, the teacher told the class to work with our table mates and come up with some ideas for the social contract.

Read More

Debt Crisis In America

932 Words | 4 Pages

According to the Collins dictionary debt crisis means a situation in which the large debts owed by a number of individuals, organizations or countries threaten to overwhelm them, so that they become unable to service their debts which, in turn, may threaten the stability of larger structures. Many Americans have debt due to school loans, investments, businesses, and credit cards. As reported by the national debt clock the United States’ Federal Government owes over $18 trillion dollars. This shows that America has a significant amount of debt to be paid back. Because America has not addressed the debt issue, it has created a major debt crisis.

Read More

Why Are Government Bonds Important

1178 Words | 5 Pages

Government bonds can be described as a debt security issued by a government to sustain government expenses. Government debt is money owed by any level of government and is financed by the full faith of the government. The terms on which a government can sell bonds depend on how creditworthy the market considers it to be. Government bonds are seen as a good way of preserving capital while generating a reticent return every year. Most governments around the world rely on the issuing of new bonds to cover their deficit spending.

Read More

More about Credit Score Research Paper

Open Document