ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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They will pay the same because they are borrowing from the same bank
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Maria
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Sara
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They will pay the same because they are buying the same kind of car
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Detailed explanation-1: -Your score falls within the range of scores, from 580 to 669, considered Fair. A 632 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.
Detailed explanation-2: -With your 632 credit score, lenders will generally consider you to be a higher-risk borrower. This means to get loan approval, you’re likely to need strong qualifications when it comes to income, employment, and other debts.
Detailed explanation-3: -Most credit cards require a very good credit score of 700 or higher. And cards with lots of perks, like travel and cash back rewards, typically ask for excellent scores of 750+. But that doesn’t mean you can’t qualify for a credit card with a lower score-you just need to apply for the right one.
Detailed explanation-4: -This is based on the entire amount you owe, the number and types of accounts you have, and the amount of money owed compared to how much credit you have available. High balances and maxed-out credit cards will lower your credit score, but smaller balances may raise it – if you pay on time.