ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Paying at least the minimum required payment
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Paying late on occasion
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Never missing a payment
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Staying within your credit limit
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Detailed explanation-1: -Payments less than 30 days late If you miss a payment but catch it before you’re 30 days late, you’re in luck. This means that if you pay the bill before it’s 30 days overdue, it shouldn’t affect your credit score at all. However, you may be charged a late fee.
Detailed explanation-2: -Three common credit problems are: Lack of enough credit history. Denied credit application. Fraud and identity theft.
Detailed explanation-3: -We haven’t received the invoice. / We’ve lost the invoice. The company name/address/balance/etc. on the invoice is not correct. The computer is down. Ask your customer how often this happens and how they’ve dealt with it.
Detailed explanation-4: -Revolving Credit. This form of credit allows you to borrow money up to a certain amount. Charge Cards. This form of credit is often mistaken to be the same as a revolving credit card. Installment Credit. Non-Installment or Service Credit. 21-Feb-2014