All categories

2 years ago

What can a person do to help increase their credit score?

Business

2 answers:

Sergio [31]2 years ago

7 0

An individual do to help increment their credit rating to Use just a little level of your credit limit.

Further Explanation:

Diminish the measure of obligation you owe :

Pay off obligation as opposed to moving it around: the best method to improve your credit assessments here is by squaring away your rotating (charge card) obligation. Actually, owing a similar sum yet having less open records may bring down your scores.

Ventures to Improve Your Credit Scores :

1. Pay Your Bills on Time. ...

2. Get Credit for Making Utility and Cell Phone Payments on Time. ...

3. Pay off Debt and Keep Balances Low on Credit Cards and Other Revolving Credit. ...

4. Apply for and Open New Credit Accounts Only as Needed. ...

5. Don't Close Unused Credit Cards.

effects credit rating the most:

Skipping installments or paying your Visa late can adversely affect your financial assessment. Paying your bills on schedule, each time is a key method to help improve your financial assessment. Striking the correct harmony between sorts of credit can improve your FICO assessment.

Subject: business

Level: High School

Keywords: Diminish the measure of obligation you owe, Ventures to Improve Your Credit Scores, effects credit rating the most,

Related links:

Learn more about evolution on

brainly.com/question/9192089

brainly.com/question/10922945

Vedmedyk [2.9K]2 years ago

7 0

Option (A) is correct.

<u>A person can charge all monthly expenses to the same credit card to increase his/her credit score. </u>

Further Explanation:

Credit score: A credit score represents the creditworthiness of an individual based on their financial transaction history. If a person has a sound and on-time payment records, then he would have a high credit score and vice versa.

Low credit score means that a person is not paying their bills and dues on time. The credit score is used by the lenders to assess the capability of the borrower to repay the debt. Generally, lenders do not prefer to lend money to the person with a low credit score.

Maintaining a high credit score:

A high credit score can be achieved in the following cases:

• The Payment of the minimum credit card dues on time.

• The advance payment of the entire balance.

• Lump-sum payment of the total credit card balance

• Increase the use of the credit card.

Justification for the correct and incorrect options:

Charge all monthly expenses to the same credit card: This is the correct option.

When the cardholder spends all monthly expenses form his/her credit card, the credit card utilization rate increases. The credit score increases in case of increase in the use of the credit card and timely payment of the dues.

Use only a small percentage of your credit limit: This is an incorrect option.

The use of a small portion of the credit limit would not help in the increase in the credit score because the credit card should be used more often to increase the payment.

Research student loan terms online: This is an incorrect option.

Research for loans does not affect the credit score.

Open a saving account at a bank: This is an incorrect option.

The bank account has the savings of a person. It does not deal in the credit card. Therefore, it cannot be used for increasing the credit score of an individual.

Learn more:

1. Learn more about the activity preferred for buying a car on installments

brainly.com/question/3110450

2. Learn more about maintaining the high credit score

brainly.com/question/1218973

3. Learn more about various approaches to increase the credit score

brainly.com/question/6846931

Answer details:

Grade: High School

Subject: Business Studies

Chapter: Money & Banking

Keywords: What can a person, help, increase, their, credit score, charge, monthly, expenses, same, credit card, use only, small percentage, your, credit limit, research, student, loan, terms, online, open, savings account, at a bank.

You might be interested in

Assume PRC Corp., an equipment distributor, sells a piece of machinery with a list price of $600,000 to ACH Inc. ACH will pay $6

katen-ka-za [31]

Answer:

b. $600,000

Explanation:

The company has to record as revenue the product at the list price, then if exist a special discount on the price list, it must be record as discount applied to products in the Income Statement, separate of Revenue or Gross Sales.

The price that the company ACH pay by the product ($650,000) it's not at change on the price if not due to the payments term which is one year later, so the company ACH has to pay a financial cost because the payment will be made one year later.

6 0

3 years ago

Sela traveled from her home in Flagstaff to San Francisco to seek specialized medical care. Because she was unable to travel al

egoroff_w [7]

Answer:

The total medical expenses deductible before the 10% limitation is 2090

Explanation:

Solution

Recall that:

The Total expenses included is stated as follows:

Th Hotel room is = $150 * two rooms * three nights

Mileage of = $900,

Miles = 1000

Doctor's bill ins an Francisco = 1,600

Now,

To next step is to find the total medical expenses deductible before the 10% limitation is given as follows:

Doctor's bill = 1,600

The total expenses i hotel room is calculated as :150 * 1 *3 = 450

So,

The total = 1600 + 450 = 2050

It is also important to know that only 10% of the expense stay for the accompanied person is permitted

Therefore,

450*10% =45

Total 2050+45 = 2090

5 0

3 years ago

The following accounts were abstracted from Oriole Company's unadjusted trial balance at December 31, 2020: Debit Credit Account

Ronch [10]

Answer:

$52,710

Explanation:

Calculation for allowance for uncollectible accounts credit balance

Using this formula

Allowance for uncollectible accounts credit balance=Estimated gross uncollectible accounts receivable *Accounts receivable

Let plug in the formula

Allowance for uncollectible accounts credit balance=7%* $753,000

Allowance for uncollectible accounts credit balance=$52,710

Therefore After adjustment at December 31, 2020, the allowance for uncollectible accounts should have a credit balance of $52,710

7 0

2 years ago

From the following information, construct a simple income statement and a balance sheet:

yaroslaw [1]

Answer and Explanation:

The Preparation of the simple income statement and a balance sheet is shown below:-

Corporation X

Income Statement

for the Year Ended xxxx

Particulars Amount

Sales $1,000,000

Less: Cost of goods sold $500,000

Gross profit $500,000

Less: Other expenses $60,000

EBIT $440,000

Less: Interest $70,000

EBT $370,000

Less: Income tax $100,000

Net income $270,000

Number of shares outstanding $80,000

Earning per share $3.375

(Net income ÷ Number of shares outstanding)

Corporation X

Income Statement

for the Year Ended xxxx

Particulars Amount

Assets

Cash $70,000

Accounts Receivable $150,000

Inventory

Raw Material $80,000

Finished Goods $250,000

Total Current Assets $550,000

Plant & Equipment $410,000

Total Assets $960,000

Liabilities

Accounts Payable $160,000

Other Current Liabilities $60,000

Total Current Liabilities $220,000

Long term Debt $200,000

Equity $540,000

Total Liabilities & Equity $960,000

6 0

2 years ago

When the Northern Hemisphere is tilted towards the Sun, what seasons will the two hemispheres be experiencing?

kari74 [83]

The Northern Hemisphere will be in summer with it is tilted towards the sun, and the Southern Hemisphere will be in winter because it is tilted away.

This is easy to remember because when one hemisphere is closer to the sun, it will be warmer.

4 0

3 years ago