[Brainliest for whichever provides thorough answers and comprehensive responses. Thank you. ]
Jessica Creditsmart is a college senior. Her parents gave her a credit card when she turned 17 by making her an authorized user on their credit card. As an authorized user on their account, she benefited from her parent’s diligent credit card habits. She also has a few student loans in college that she will start repaying after she graduates. Here are some details about her for the profile:
For each of Jessica’s actions, mark whether you think that factor improves (+) or decreases (--) her credit score.
1) She currently has 1 credit card
1 (cont) She got this first credit card more than 15 years ago. This is a great credit score hack; she benefits from the fact that her parents had this credit card for 15 years.
2) She got her first student loan 3 years ago
3) She has received one student loan in the last year
4) She got that student loan over six months ago
5) Only her three student loans carry a balance, since she and her parents always pay the credit card bill off in full every month
6) She has $15,000 currently outstanding on her student loans
7) She (and her parents) have never missed a payment
8) None of her loans or credit cards are past due (and her parents are always on time with their credit card)
9) Since she and her parents pay off the bill every month, she has $0 balance
10) She has never gone through a bankruptcy or other negative proceeding
Questions:
1. What do you think Jessica’s credit score is (from a range of 300-850)?
2 Now, go to the myFICO Credit Score Estimator and use Jessica’s information to complete it. What is Jessica’s estimated credit score?
3. What does Jessica’s score say about her creditworthiness?
4. As her credit counselor, what recommendations would you make to Jessica to improve her credit score?
