Question

Ivan's personal information is:

Age
Time at address
Age of auto
Car payment
Housing costs
Checking and
savings accounts
Finance company
reference
Declared
bankruptcy
61
13 years
3 years
$203
Owns Clear
Both
Major credit cards 5
Ratio of debt to
2%
income
PREVIOUS
No
Never
According to the following table, what is his credit score?
27

Answer 1

Explanation:

Based on the information provided, we can use the following credit score range and corresponding points:

Excellent: 800-850 (23-27 points)

Very good: 750-799 (18-22 points)

Good: 700-749 (13-17 points)

Fair: 650-699 (8-12 points)

Poor: 600-649 (5-7 points)

Bad: below 600 (0-4 points)

Using this range, we can add up the points for Ivan's information:

Age: 23 points (because he is between 60-64 years old)

Time at address: 5 points (because he has lived at his address for more than 10 years)

Age of auto: 5 points (because he has owned his car for 2-4 years)

Car payment: 13 points (because his monthly car payment is between $200-$299)

Housing costs: 23 points (because he owns his home and has no monthly mortgage or rent payment)

Checking and savings accounts: 5 points (because he has both types of accounts)

Finance company reference: 5 points (because he has a reference from a finance company)

Declared bankruptcy: 0 points (because he has never declared bankruptcy)

Adding up all these points, we get a total of 79 points. Based on the credit score range and points listed above, this falls into the "Excellent" category, which corresponds to a credit score between 800-850. Therefore, Ivan's credit score is likely to be in that range.