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University of Phoenix Material

Credit Score

Resources:

• Credit Karma website (www.creditkarma.com)

• Fair Isaac website (www.myfico.com)

Directions

Go to the Fair Isaac Co. website, www.myfico.com. Do not buy a credit score unless you choose to do so. For this activity, go to “Learn about scores”. Review this page, and follow the link to “What’s in your score”. From this page, follow the links to learn more about credit scores.

Note: You do not have to share your personal credit score or other details in this worksheet.

Using what you have learned about credits scores and the Five C’s, respond to the following in 50-to 100-words each:

1. Your household cash flow helps to determine which C? Describe this C.

Your household cash flow helps to determine capital with a credit score a lender will look at your capital when you are applying for a loan then they will decide if you should get approved or not, also to figure out how much they should loan you so they are more than sure that you will be able to repay it while still having enough money to live on.

When are the five C’s important?

All of the five c’s are important for many things like to get a loan for a house or car also they help when you try to get credit cards. I have heard that some jobs you may apply for will look at this kind of information if they are going to interview you. I think the five c’s are important in everyday life.

2. Why is a credit score important?

A credit score is important because it will help you be approved for loans faster than someone who has a low credit score, you could be approved in a few hours rather than a few weeks. A good credit score can really help you get approved for a loan to buy a house which I think is a really important thing to do. I am always trying to improve my credit score.

3. What are the top 2 factors in your FICO score? What actions can you take to earn the most points in these...