BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Decrease your credit score and allow you to purchase more on credit if you pay it back
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Give you an edge over people who are applying for the same job as you
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Allow you to receive discounts on hotels and travel
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Increase your credit score and allow you to purchase items on credit
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Detailed explanation-1: -“Neither the type of store you frequent nor what you buy has any influence on credit scores from FICO or VantageScore, ” Barry Paperno, a credit scoring expert with more than 25 years in the credit industry, confirmed by email.
Detailed explanation-2: -Factors that contribute to a higher credit score include a history of on-time payments, low balances on your credit cards, a mix of different credit card and loan accounts, older credit accounts, and minimal inquiries for new credit.
Detailed explanation-3: -Why your credit score matters. You can leverage great scores into great deals-on loans, credit cards, insurance premiums, apartments and cell phone plans. Bad scores can hammer you into missing out or paying more. The lifetime cost of higher interest rates from bad or mediocre credit can exceed six figures.