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Of the following statements, which one or ones describe actions helpful to your credit score?
L. Ouidily paying off debts
IL. Having recent debts
III. Having long-standing lines of credit
a. Ionly
b. Il and Ill
c. I and
d. III

Ask by Spencer Murphy. in the United States
Jan 23,2025

Solución de inteligencia artificial de Upstudy

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The helpful actions for your credit score are paying off debts and having long-standing lines of credit. So, the correct answer is c. I and III.

Solución

To determine which actions are helpful to your credit score, let’s examine each statement:
  1. Paying off debts (I):
    Paying off debts is generally positive for your credit score. It reduces your credit utilization ratio (the amount of credit you’re using compared to your total available credit), which is a significant factor in credit scoring models.
  2. Having recent debts (II):
    Taking on new or recent debts can negatively impact your credit score, especially if it leads to higher credit utilization or if you’re opening multiple new credit accounts in a short period.
  3. Having long-standing lines of credit (III):
    Maintaining long-standing credit accounts is beneficial as it demonstrates a longer credit history, which positively influences your credit score.
Based on this analysis:
  • Statements I and III describe actions that are helpful to your credit score.
Therefore, the correct answer is:
c. I and III

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Extra Insights

Paying off debts on time is like giving your credit score a big high-five! It shows lenders that you’re responsible and dependable. Plus, reducing your debt also lowers your credit utilization ratio, which positively impacts your score.
On the flip side, having long-standing lines of credit can be beneficial too. It demonstrates credit stability and experience, which lenders look for when assessing your creditworthiness. So, building a solid history is solid gold for your credit score!

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