<u>A credit card holder can achieve a high score by paying the dues on time and increase the use of the credit card.
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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.
<u>Thus, a credit card holder can achieve a high score by paying the dues on time and increase the use of the credit card.
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Learn more:
1. Learn more about the credit card balance
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2. Learn more about low credit card 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: A person, help, increase, their, credit score, even if, credit card, payment of the credit card balance, credit card dues, charges, fee.