ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Open a savings account at the local bank.
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Pay off his credit card balance each month.
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Test drive several cars before deciding which to buy.
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All are things he should do to increase or maintain his credit score.
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Detailed explanation-1: -Pay bills on time and in full In fact, payment history is the most important factor making up your credit score. Your credit score considers whether you make payments on time or late and if you carry a balance month to month or pay it off in full.
Detailed explanation-2: -Paying your bills on time Is one of the most important steps in improving your credit score. Pay down your credit card balances to keep your overall credit use low. You can also phone your credit card company and ask for a credit increase, and this shouldn’t take more than an hour.
Detailed explanation-3: -Pay your bills on time. Avoid maxing out credit accounts. Manage your debt-to-income ratio. Contribute to an emergency fund. Practice making payments before taking on new debt. Monitor your credit reports. Know your credit score. Think before closing accounts. More items
Detailed explanation-4: -Pay your loans on time, every time. Don’t get close to your credit limit. A long credit history will help your score. Only apply for credit that you need. Fact-check your credit reports. 01-Sept-2020