ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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New Debt
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Debt History
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Savings Account Balance
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Types of Debt
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Detailed explanation-1: -Your bank account information doesn’t show up on your credit report, nor does it impact your credit score. Yet lenders use information about your checking, savings and assets to determine whether you have the capacity to take on more debt.
Detailed explanation-2: -FICO® Scores consider a wide range of information on your credit report. However, they do not consider: Your race, color, religion, national origin, sex and marital status.
Detailed explanation-3: -A FICO score is the number used to determine someone’s creditworthiness, your credit score. Financial institutions and lenders use this as a guide to determine how much credit they can offer a borrower and at what interest rate. FICO scores can range from 300 to 850, the higher the number the better.
Detailed explanation-4: -Does Opening a Savings Account Affect Your Credit? Opening a savings account typically won’t affect your credit score because savings accounts don’t report to credit bureaus. Most banks will pull your ChexSystems report to verify your identity and banking history when you apply for a new account with the bank.