Score, income and debt to income up top. Below that, the enrolled cards and loans off the credit report, with an estimated rate on each and how much of the client's minimum payments is going to interest instead of principal.
| Enr. | Creditor | Account type | Balance owed | Limit / high bal | Util. | Monthly pmt | Est. APR % | Interest / mo | Payoff (yrs) | |
|---|---|---|---|---|---|---|---|---|---|---|
| Enrolled totals | $0 | $0 | 0.0% | $0 | ||||||
| All accounts, used for debt to income | $0 | $0 | ||||||||
Everything on this sheet is an estimate, prepared from your credit report.
Credit reports do not list interest rates. The rates shown here are worked out from the balances, payments and loan terms your report carries, and where the report does not give enough to calculate one, from current market averages for that kind of account at your credit score. They are not your contract rates.
Only your own statements can confirm what you are actually paying. Your balances may also have moved since the report was pulled, which is normal, because a credit report is often a few weeks old.
This is a cost-free, risk-free consultation. We will re-run your numbers if you provide statements or give them to your financial consultant over the phone at no cost to you.
Fill in what the credit report shows. Creditor, account type, balance, credit limit or high credit, monthly payment, and for a loan the term it was written for. The APR column fills itself in and everything else updates as you type.
Type over the APR any time you get a better number. If the client reads their real rate off a statement or off the app, put it in that box and the totals recalculate around it. Clear the box and the estimate comes back. The client's own number always beats ours, so ask for it.
Enrolled or not, every account belongs in the table. Tick the box on the ones going into the program. The interest math at the bottom runs on the ticked accounts only, because those are the ones we settle. Debt to income runs on all of them, because a mortgage or an ineligible card is still money going out the door every month.
Debt to income. Gross annual income divided by twelve gives the monthly figure, and every monthly payment in the table divides into it. Anything at 43 percent or higher is where mainstream lenders start declining, which is worth saying out loud when you get to the loan comparison. If you would rather use the total monthly payments line off the credit report trade summary, type it into the box and it pins there. Income is the one number the report cannot give you, so it comes off the budget until Shape passes it across to Impressions.
Where the estimate comes from. Credit reports do not list interest rates, so the tool works one out. When the balance, the payment and the term give enough to solve for it, that is the rate it uses. When they do not, it falls back to the current market average for that kind of account at the client's credit score.
Payoff, in years. On a loan this is the term the loan was written for, which is what the credit report shows beside the payment. Type it in and the tool back-solves the rate from the original amount, which is where the rate was actually set. Leave it blank and it estimates instead. On a credit card it is always calculated, from the balance, the estimated rate and the payment showing on the report, held steady at today's amount. 20+ in red means that payment does not even cover the month's interest, so the balance grows instead of shrinking. Treat that as a prompt to get the real rate from the client rather than a number to quote.