Nicole is 20 years old. Nicole adores her Aunt Julia who just turned 90. She knows all about the difficult life her aunt had growing up under very poor circumstances which is why, still today her aunt hides all her money around the house and pays for everything in cash. Nicole was however shocked to hear that her favourite cash-rich aunt had difficulty getting into a private nursing home as her credit score was so poor. Explain the reason for the aunt’s credit score
Credit score depends on the below factors:
1) Your income
2) Your previous credit record
3) Your savings
4) Your transaction volume and repayment history
5) Your future income probability etc.
Your aunt Julia does all her transaction in cash and she does not have any proven track record cash repayment history.
All your aunt is retired and has no income. At the age of 90, future earnings is very low. Hence, from creditor's perspective your aunt is failing most of the above criteria and she may default.
Hence, your aunt's credit score is poor.
Nicole is 20 years old. Nicole adores her Aunt Julia who just turned 90. She knows...
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