Caroline_Blues_Credit_Report_Worksheet_2.6.1.A2[1] - Page|35 2.6.1.A2 TotalPointsEarned 19 TotalPointsPossible Name Date Percentage Class Jesus Ceras

Caroline_Blues_Credit_Report_Worksheet_2.6.1.A2[1] -...

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Unformatted text preview: Page | 35 2.6.1.A2 Caroline Blue’s Credit Report Worksheet Total Points Earned 19 Total Points Possible Name Date Percentage Class Jesus Ceras 1/6/17 4th Directions: Review Caroline Blue’s Credit Report. Caroline is seeking a loan to purchase a new vehicle. Analyze Caroline’s credit report and answer the following questions to determine if Caroline should receive the loan. 1. List four items on Caroline’s credit report that suggest she is a high risk borrower: (4 points) o She has a high credit limit on each account o Has multiple accounts o Doesn't pay her monthly payment o High balance on each account 2. Provide an example of a closed‐end credit account that Caroline has. (1 point) Superior auto loan 3. Provide an example of an open‐end credit account that Caroline has. (1 point) Shop 'Till you drop 4. What has Caroline’s payment history been like? Support your answer with two examples. (2 points) She doesn't pay for any of the accounts and © Take Charge Today – August 2013 – Credit Reports and Scores Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Page | 36 2.6.1.A2 5. For which account does Caroline have a co‐signer? What impact is that account having on the co‐ signer’s credit history? (2 points) Shop 'Till you drop and they can close the account when ever they want 6. Does Caroline have any closed accounts? How long does a closed account stay on a person’s credit report? (2 points) Yes, up to 10 years 7. What types of inquiries are on Caroline’s credit report? How are those inquiries impacting her credit score? (2 points) Creditors monitor your account, might go down 8. Would you lend money to her for her new vehicle? Support your answer with two reasons. (2 points) No, she won't pay her vehicle and she has too many accounts 9. List three pieces of advice you would give Caroline: (3 points) o Use only one account o Pay your accounts on time o Only use the money that you need © Take Charge Today – August 2013 – Credit Reports and Scores Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona ...
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