Credit Scores and Reports Answers

Eli is a loan officer. He determines his clients’ eligibility for loans and for good interest rates by using their credit scores. The scores of several clients are shown in the following table.NameExperianEquifaxTransUnionRoy750792661Dirk771707755Haley643642770Valerie646773762Help Eli evaluate his applicants based on their mean and median credit scores.

Eileen just received her credit scores from the three major credit bureaus. Her Experian score is 824, her Equifax score is 840, and her TransUnion score is 832. What is the mode of Eileen’s credit scores? (Round to the nearest whole point, if necessary.)

A real estate agent is trying to find the average credit score of some of her clients. She compiled the scores in the table below. What is the mean credit score in this group? (Round to the nearest whole point, if applicable.)787615550674784773620720704

Ethel and Jack each separately apply for and receive a loan worth $7,725 apiece. Ethel has a relatively average credit rating, so her loan has an APR of 9.14%, compounded monthly. Jack’s credit rating is excellent, so his loan has an APR of 6.88%, compounded monthly. If they both pay off their respective loans by making six years of identical monthly payments, how much more will Ethel pay than Jack? (Round all dollar values to the nearest cent.)

Eli is a loan officer. He determines his clients’ eligibility for loans and for good interest rates by using their credit scores. The scores of several clients are shown in the following table.NameExperianEquifaxTransUnionRoy750792661Dirk771707755Haley643642770Valerie646773762Help Eli evaluate his applicants based on their mean and median credit scores.

Violet ordered her annual credit reports. Her Experian score is 804, her Equifax score is 810, and her TransUnion score is 784. What is Violet’s median credit score? (Round to the nearest whole point, if applicable.)

Daniel is looking over the credit scores of a batch of potential new hires. Their credit scores are compiled in the table below. What is the mode of this group of credit scores? (Round to the nearest whole point, if applicable.)812769744812688725744744801

Ned is looking over his credit scores. His Experian score is 690, his Equifax score is 691, and his TransUnion score is 651. What is his mean credit score? (Round to the nearest whole point, if applicable.)

Mary is averaging her grandchildren’s credit scores. She has arranged the scores in the table shown below. What is the median credit score in this group? (Round to the nearest whole point, if applicable.)639732790837677744637821

One of Rachel’s duties as a loan officer is to review the credit scores of loan applicants. The scores of several such applicants can be seen in the table below.NameExperianEquifaxTransUnionLeslie775803675Pat668821774Sam706720732Alex739816799Based on each applicant’s median credit score, to which client is Rachel likely to offer the best interest rates?

Of the following statements, which one or ones describe actions helpful to your credit score?I. Quickly paying off debtsII. Having recent debtsIII. Having long-standing lines of credit