ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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for a 3 year period
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for a 10 year period
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until the person repays all debts owed
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until the person is able to receive a new credit card
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Detailed explanation-1: -When a person declares bankruptcy, his Credit score drops, and a low credit makes it very impossible to obtain additional credit. Your bankruptcy will appear on your credit report for up to ten years. It is difficult, but not impossible, to obtain credit following bankruptcy.
Detailed explanation-2: -Not only will a bankruptcy filing remain on your credit report for seven to ten years, but you can expect information about the debts discharged (forgiven) in bankruptcy to continue to appear on your credit report, too.
Detailed explanation-3: -Your credit report will continue to show your bankruptcy for either: 2 years from when your bankruptcy ends or. 5 years from the date you became bankrupt (whichever is later).
Detailed explanation-4: -Common examples of open-end credit are credit cards and lines of credit. As you repay what you’ve borrowed, you can draw from the credit line again and again. Depending on the product you use, you might be able to access the funds via check, card or electronic transfer.
Detailed explanation-5: -Supply and Demand. Interest rate levels are a factor of the supply and demand of credit: an increase in the demand for money or credit will raise interest rates, while a decrease in the demand for credit will decrease them.