Use the estimator in the myfico website to estimate the FICO credit score for the following person:
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Question:
- Use the estimator in the myfico website to estimate the FICO credit score for the following person:
- With 3 credit cards (that his parents cosigned on) has run up a total of $3,500 in debt. Paying minimum off every month and bumping up against $4,000 total credit limit. Average interest rate on credit cards is 23.2%.
- Loses track of bills and pays about ½ on time. Angry about the late fees and penalties and higher interest rates that keep appearing on his bills.
- Motivated now to be more financially responsible since he saw how difficult life has become for a friend of his who recently graduated with poor money habits.
- Simulated Credit score:___________, which is _______ (excellent, good, poor, etc) (1 pt.)
- What are three things that Sam could do to improve his credit score? Remember, do not guess, you have a simulator to help you.
-Never had a budget. Not sure where his money is going. Regularly uses credit cards to pay for food, entertainment, books, etc.
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: