Credit Scores Your Fair Isaacs Corporation (FICO) credit score is used to determine your
Chapter 4, Problem 26(choose chapter or problem)
Credit Scores Your Fair Isaacs Corporation (FICO) credit score is used to determine your creditworthiness. It is used to help determine whether you qualify for a mortgage or credit and is even used to determine insurance rates. FICO scores have a range of 300 to 850, with a higher score indicating a better credit history. The given data represent the interest rate (in percent) a bank would offer on a 36-month auto loan for various FICO scores. Credit Score Interest Rate (percent) 545 18.982 595 17.967 640 12.218 675 8.612 705 6.680 750 5.150 Source: www.myfico.com (a) Which variable do you believe is likely the explanatory variable and which is the response variable? (b) Draw a scatter diagram of the data. (c) Determine the linear correlation coefficient between FICO score and interest rate on a 36-month auto loan. (d) Does a linear relation exist between the FICO score and interest rate?
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