Financial Portfolio Project Part 4 PDF

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Financial Portfolio Project Part 4

The purpose of this assignment is to determine how different credit scores will impact a purchase. Think about how Jamie Lee Jackson’s scenario, located in Connect, applies to your daily life. Try a website such as bankrate.com or other similar websi...

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Aiden Cornish FIN-210 February 17, 2022 Professor David Chanko Financial Portfolio Project: Part 4

My bank is where I go to check my credit score. If I was unable to check my credit score through my bank for some reason, I could request a report from Experian, Equifax, or TransUnion, three of the credit reporting organizations in the United States. Maintaining good credit is vital since it allows you to apply for loans with reduced interest rates. A strong credit score also aids in credit application approval. If a person with a 600-credit score wanted to secure a car loan, the interest rate could be as high as 12 percent, potentially higher, while someone with a 700-credit score could expect an interest rate of roughly 4%. These percentages of interest rates are subject to change. A $25,000 loan for five years, for example, would cost $33,367 with a 600-credit score and $27,625 with a 700-credit score. Because vehicle loans are a type of closed-end credit, but credit card purchases are a type of open-ended credit, auto loans are distinct from credit card purchases....