Jacques maxes out his credit card and then misses several payments in a row before he started paying his bills. How could this affect his credit score and would there be any repercussions from that change?(1 point)

A. His credit score would most likely go down. A low credit score could make lenders refuse to offer him credit or possibly offer him credit at a much higher interest rate.

B. His credit score would most likely go up. A higher credit score could make lenders refuse to offer him credit or possibly offer him credit at a much higher interest rate.

C. His credit score would not change. Credit cards cannot affect credit scores. Only home loans and auto loans (or any vehicle loans, such as boats) can affect your credit score.

D. His credit score would not change. Since he started paying his bills, there would be no negative effects.

Question

01-11-2021
Business

Answered

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Jacques maxes out his credit card and then misses several payments in a row before he started paying his bills. How could this affect his credit score and would there be any repercussions from that change?(1 point)

A. His credit score would most likely go down. A low credit score could make lenders refuse to offer him credit or possibly offer him credit at a much higher interest rate.

B. His credit score would most likely go up. A higher credit score could make lenders refuse to offer him credit or possibly offer him credit at a much higher interest rate.

C. His credit score would not change. Credit cards cannot affect credit scores. Only home loans and auto loans (or any vehicle loans, such as boats) can affect your credit score.

D. His credit score would not change. Since he started paying his bills, there would be no negative effects.

Sagot :

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Parrain Parrain · Answer 1 · 2021-12-29T10:38:48-05:00

As a result of maxing out the credit card and missing payments, A. His credit score would most likely go down. A low credit score could make lenders refuse to offer him credit or possibly offer him credit at a much higher interest rate.

There are several ways to get a lower credit score including:

Missing payments on your credit card
Spending the entire limit on your credit card

When a person's credit score goes low, it means that loaning money to them is riskier and as a result, some lenders will refuse to lend the person money and if they do, they will charge a higher rate to compensate for the higher risk.

In conclusion, option A is correct.

Find out more on credit scores at https://brainly.com/question/2609368.

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