Question

What steps can an individual take to improve a credit score? Check all that apply. make all loan payments on time
check credit reports for accuracy
avoid opening credit accounts that are not needed
apply for several new credit cards
use all available credit
keep balances low

Answer 1

First, second and third.

Applying for several new credit cards might imply that the consumer has lavish tastes and thus may have a higher risk of personal bankruptcy if they cannot pay it off. Low balances indicate lack of liquidity, and using all available credit may cause a bank to notice that the consumer has bad habits or be led on to believe so. All of these will affect their credit scores negatively, whereas the first three reflects good judgement in financial management.

Answer 2

There are different steps to take in any credit score. The steps an individual take to improve a credit score are;

• To make all loan payments on time.
• To check credit reports for accuracy.
• To avoid opening credit accounts that are not needed.
• To keep balances low.

What steps can an individual take to improve a credit score?

There are steps to take when revolving account. It is better that those with highest credit scores try and keep their credit utilization ratio to the minimum such as low single digits.

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