Respuesta :
Before applying for a credit card, Jacob examines his credit report because to find out if he has a strong credit history.
Describe credit card.
- A credit card is a type of payment card that is given to customers (cardholders) to allow them to pay a merchant for products and services based on the amount of debt they have accumulated (i.e., promise to the card issuer to pay them for the amounts plus the other agreed charges).
- The card issuer (often a bank or credit union) establishes a revolving account and provides the cardholder with a line of credit from which they can borrow money to pay for purchases or to get a cash advance.
What do you mean by Credit History?
- It serves as a record of your credit activity, including whether you make payments on time, how many credit cards you have, the types of credit you use, and the total amount of debt you owe.
- When deciding whether to approve you for a loan or a credit card, lenders look at your credit history.
Learn more about credit card here:
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