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maverick3n1: 1 year ago

How does the balance in your bank account effect your FICO score, or does it not make a difference?

For example: If I apply for credit, and I have 10k in debt (not including property), but $30k in the bank, will that make a difference in my credit check when someone has to make a decision over issuing me more credit? Would the end result be any different if I had the identical everything except for my bank account balance was $2k?

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Answer 1

Clemence: 1 year ago

Yes, the balance in your bank account does affect your FICO score by providing information on your ability to pay. This is under the credit utilization part of calculating the FICO score. Check out http://en.wikipedia.org/wiki/Credit_score_%28United_States%29#Makeup_of_the_FICO_score for more details.

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Answer 2

joanie46: 1 year ago via iPhone

Your total worth effects your credit score. If it's about money in any way, it effects your score. Why would you have $30,000 in the bank not yielding any interest income, but pay significant interest on the $10,000?

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