ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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You disputed an item on your credit report.
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You forgot to pay the cable bill.
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You pay all your bills in cash.
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You use a small amount of your available credit.
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Detailed explanation-1: -Answer and Explanation: The correct answer is B. payment history is an important aspect of a credit score, and therefore a late payment in a 30-day or a missed payment results in a negative impact.
Detailed explanation-2: -Late or missed payments. Collection accounts. Account balances are too high. The balance you have on revolving accounts, such as credit cards, is too close to the credit limit.
Detailed explanation-3: -Cable TV, phone, and other utility bills usually aren’t reported to credit bureaus or reflected in your credit score. However, if you are seriously delinquent in paying your cable bill, that may show up on your credit report.
Detailed explanation-4: -At-A-Glance. Paying noncredit bills like rent, utilities, and medical expenses on time won’t bump up your credit score because they’re usually not reported to credit bureaus. But if they’re very late or in collections, they’ll likely get reported and affect credit scores negatively.
Detailed explanation-5: -What Is a Negative Credit History? Several things can hurt your credit, but a negative credit history is most often caused by severe delinquent accounts like late payments, debt collections, charge-offs, repossession, foreclosure, or bankruptcy on your credit report.