The Credit Score Story

My characters name is Angie and she is a very financially consistent, white, 44 years old woman making $32,000 per year. She is a mother and has 2 kids, one in high school one in elementary school. She works as a dentist's assistant and has been working as one for 7 years. She pays off all of her debts without late payments and very responsibly. She wants to buy a house and also trade out her car for a bigger car.

1. Helps FICO score
1. Angie is 32 years old and has had a little bit of time to establish a credit history and make good decisions.
2. Angie has 2 credit cards with no balance. We don't know how long she has had them or how far apart she got both of them so we can only assume they are good for her score.
3. She has payed off more than 75% of her auto loan that she got from the bank.
4. She payed off $15,000 in student loans in only 10 years.
2. No effect on FICO score
1. Angie is married with 2 children, this does not get added to her credit report but her lender might look at that.
2. Angie works as a dentist's assistant which doesn't matter to her FICO score because it doesn't take her employment into account.
3. Hurts FICO score
1. She is $2,500 in debt on a store loyalty card that she is paying off.

I would say that Angie's FICO score is around 750. She is a very great spender and she has shown that she can pay off and loans that are lent to her but she doesn't make an extremely large amount of money.

With this FICO score Angie has a lot of doors that she can choose. I think that she would be able to buy a $250,000 house considering how much she has saved up for the downpayment. For a car I think that Angie would be able to buy a $25,000 car considering how much she makes per year.

For the house Angie would expect a 3.75% interest rate and for a car she would expect a rate of 4.25% because of her high credit score. Her final house cost with interest would be $383,443.23 including the downpayment of $50,000 and a monthly payment of $926.23. For her car Angie would expect to pay $27,229.32 with interest. Angie can expect to pay a much smaller final cost on items than other people because of the work that she has put into her credit score.