ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When you apply for a loan
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When you apply for a credit card
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When you apply for a house
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All of these
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Detailed explanation-1: -A credit score is a number from 300 to 850 that rates a consumer’s creditworthiness. The higher the score, the better a borrower looks to potential lenders.
Detailed explanation-2: -Companies use credit scores to make decisions on whether to offer you a mortgage, credit card, auto loan, and other credit products, as well as for tenant screening and insurance. They are also used to determine the interest rate and credit limit you receive.
Detailed explanation-3: -Lenders may use credit scores to evaluate loan qualification, credit limit and interest rate. For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent.
Detailed explanation-4: -You will need to provide your name, address, Social Security number, and date of birth.