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3 years ago

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

Business

2 answers:

Sergio [31]3 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,

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Vedmedyk [2.9K]3 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

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2. Learn more about maintaining the high credit score

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

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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.

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