Credit Scores by Michael McCoin Principles of Business Shelbyville Central High School Art Vandeleer wants to buy a car. Does he pay cash or does he get a bank loan? Art goes to the bank for a loan! Art pays cash for the car! Art can pay cash for the car so he doesn’t need a loan. Art drives his new car home today and lives happily ever after! Art Goes to The Bank The bank asks Art some questions? • What kind of car are you buying? (year, make, model, mileage, features, etc) • Where do you work and what is your Gross Annual Income? • How long have you lived at your current address? • What is your Credit Score? To find out Art’s Credit Score, click here: Art’s Credit Score Art’s Credit Score is based on how Art has paid his previous loans. Art has always paid his bills in full, on time, every month. This includes his credit cards, auto loans, and house payments. Because Art has paid his bills, Art has a Credit Score of 784. To find out more about Credit Scores, click here: Credit Scores • ghosts-have no credit at all • 300-500 bad credit • 501-649 fair credit • 650-749 good credit • 750+ perfect credit Because Art has such a good credit score, he gets his auto loan approved. Click here to see Art’s new ride! Drive safely, Art!