Credit Score Analysis Case Study Essay

Firstly we shall be looking at the definition of the Credit score, as it is important to understand for Singapore students before moving any further. Then we shall be looking at the definition of the credit score analysis itself. Later on, we will be looking at the method used to calculate the credit score. Lastly, we will be looking at the FICO score, a system for credit scores. Furthermore, we shall be discussing all of this in detail.

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Introduction- Credit Score Analysis Case Study Essay

Today we will be discussing the topic of “Credit score analysis” in this sample essay. The importance of credit can not be overestimated in the field of finance. One can say finance is built around credit. Nevertheless, here we will be looking at a very specific part of this. That is the credit score analysis.

In this sample essay, we will learn that credit score analysis plays a great role in finance. In fact, in modern times almost all banking products concern the score. We will answer how and why in this discussion. In addition, we will be discussing various different topics for the sake of clarity. As a result, we will look at this sample essay in different sections. The Discussion shall proceed as mentioned below:

Main body- Credit Score Analysis Case Study Essay

What is Credit Score and Use?

A credit score refers to a system used by banks and other types of lenders which reflects the creditworthiness of a borrower. In simple words, a credit score tells if a  person or other borrower qualifies for a loan or other financial products related to lending.

Naturally, a higher score translates to better chances of approval of a loan or lending. There are several different things used to determine it. For instance: open accounts, total debt, history of repayment, and so on.

Moving on, one can say that a credit score is a financial image of a person. Lenders often employ credit scores to determine credit risk. Meaning if the borrower will repay the loan in a timely manner or not.

What is credit score analysis?

The term “Credit Score analysis” refers to the process of analyzing a certain person or organization’s financial history to determine the Credit Risk related to them. Credit risk in simple terms means the level of risk related to repayment. In addition, Financial history may include Borrowings, loans, repayment, or so on.

Moreover, as we discussed the definition of credit score above. We can say that this one is quite similar to it. Well, this is because credit score analysis refers to the process of determining the score.

Moving on, we shall be looking at How a score is calculated in the next section of this sample essay.

How is a credit score calculated?

In this section of the sample essay, we shall be looking at the process of calculating the scores. Previously we mentioned that there are different factors to be considered while calculating. In the same fashion, there are five main factors to be considered above. These are, as mentioned below:

• Payment history
• Total amount owed
• Length of credit history
• Types of credit
• New credit

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FICO scoring

There are various organizations in Singapore that analyze and publish credit reports. Naturally, they use different types of scoring systems. However, in recent times, a particular scoring system has gained popularity. That is the FICO scoring system. In fact, today most lenders use this system for determining the scores.

Moving on, this system was first introduced by the Fair Isaac Corporation. Hence the name,  FICO. In addition, the score is presented using a number between 300 to 850.

Furthermore, we shall be looking at what is a good score and what is a bad one using this system. These areas are mentioned below:

• 300–579 is considered Poor.
• 580–669 is considered Fair.
• 670–739 is considered Good.
• 740–799 is considered Very Good.
• 800–850 is considered Excellent.

Conclusion:

We can help you get a better credit score. It’s time to take the first step towards getting your financial life on track by improving your credit rating and taking control of what matters most – yourself! Let us know how we can help improve your situation today, and together we’ll work for a brighter future.

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