ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -If you want to establish a credit history, check your credit report first, to make sure you don’t already have one. To build your credit history, consider applying for a secured credit card, a card through your bank, or being added as an authorized user to someone else’s credit card.
Detailed explanation-2: -A thin credit file means you don’t have enough credit history for a credit bureau to calculate a credit score. Experian describes a thin credit file as a credit history with fewer than five accounts or accounts that have only been open for a short period of time.
Detailed explanation-3: -Become an authorized user. One of the quickest and easiest ways to build credit is by becoming an authorized user on a family member’s or friend’s credit card. Apply for a secured credit card. Get credit for paying monthly utility and cell phone bills on time.
Detailed explanation-4: -Pay your bills on time. Keep your balances low. Consider a credit card. Don’t apply for more credit cards than you need. Keep an eye on your credit report. 25-Oct-2022