ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Employers may check job applicants’ credit.
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Before renting an apartment, the landlord will check the prospective tenant’s credit.
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If you apply for a cell phone or credit card, your credit will be checked.
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All of these are correct, these are only some of the ways credit can be used.
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Detailed explanation-1: -Credit is part of your financial power. It helps you to get the things you need now, like a loan for a car or a credit card, based on your promise to pay later. Working to improve your credit helps ensure you’ll qualify for loans when you need them.
Detailed explanation-2: -Other Times to Use Credit While you should primarily use credit cards as a credit-building tool, there are other times when it can be a good idea to use credit, like paying off debts or financing large purchases you can’t afford to pay in cash.
Detailed explanation-3: -Pay off your balance every month. Use the card for needs, not wants. Never skip a payment. Use the credit card as a budgeting tool. Use a rewards card. Stay under 30% of your total credit limit.
Detailed explanation-4: -Learn the legal steps you must take to improve your credit report. Beware of credit-repair scams. Get copies of your credit report-then make sure the information is correct. Pay your bills on time. Understand how your credit score is determined. More items