Obtaining credit begins with you. After you complete a credit application, the lender decides if you are a good risk. Agencies that collect credit information about individuals are called credit bureaus. For a fee, they provide information about you that lenders need to decide if you are a good risk. The information you provide on your application is checked against the information the credit bureaus have collected about you. Why is your credit application approved or denied? ооооо Good news-your credit application was approved. What are the major factors about you that the lender used to evaluate your creditworthiness? Check all that apply. оооо APPROVED Physical appearance Character Political affiliation Capacity Religion 0000 MEGACREDIT Capital Extra 199 SIE TEL Your friend recently applied for credit and was turned down. Why was your friend probably denied credit? Check all that apply. History of personal bankruptcy FICO score greater than 850 Absence of checking, savings, or other credit accounts Application error-for instance transposed figure in street address (for example, 124 Main St. instead of 142 Main St.); all other information is accurate Debt safety ratio greater than 20% Pattern of delinquent payments on credit Debt safety ratio less than 10% Large amount of available credit relative to income
Obtaining credit begins with you. After you complete a credit application, the lender decides if you are a good risk. Agencies that collect credit information about individuals are called credit bureaus. For a fee, they provide information about you that lenders need to decide if you are a good risk. The information you provide on your application is checked against the information the credit bureaus have collected about you. Why is your credit application approved or denied? ооооо Good news-your credit application was approved. What are the major factors about you that the lender used to evaluate your creditworthiness? Check all that apply. оооо APPROVED Physical appearance Character Political affiliation Capacity Religion 0000 MEGACREDIT Capital Extra 199 SIE TEL Your friend recently applied for credit and was turned down. Why was your friend probably denied credit? Check all that apply. History of personal bankruptcy FICO score greater than 850 Absence of checking, savings, or other credit accounts Application error-for instance transposed figure in street address (for example, 124 Main St. instead of 142 Main St.); all other information is accurate Debt safety ratio greater than 20% Pattern of delinquent payments on credit Debt safety ratio less than 10% Large amount of available credit relative to income
Chapter6: Building And Maintaining Good Credit
Section: Chapter Questions
Problem 6LTAI
Related questions
Question
Transcribed Image Text:Obtaining credit begins with you. After you complete a credit application, the lender decides if you are a good risk.
Agencies that collect credit information about individuals are called credit bureaus. For a fee, they provide information about you that lenders need
to decide if you are a good risk. The information you provide on your application is checked against the information the credit bureaus have collected
about you.
Why is your credit application approved or denied?
ооооо
Good news-your credit application was approved. What are the major factors about you that the lender used to evaluate your
creditworthiness? Check all that apply.
оооо
APPROVED
Physical appearance
Character
Political affiliation
Capacity
Religion
0000
MEGACREDIT
Capital
Extra 199
SIE TEL
Your friend recently applied for credit and was turned down. Why was your friend probably denied credit? Check all that apply.
History of personal bankruptcy
FICO score greater than 850
Absence of checking, savings, or other credit accounts
Application error-for instance transposed figure in street address (for example, 124 Main St. instead of 142 Main St.); all other
information is accurate
Debt safety ratio greater than 20%
Pattern of delinquent payments on credit
Debt safety ratio less than 10%
Large amount of available credit relative to income
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