Of the following statements, which one or ones indicate possible effects of a low credit score?
I. You will have a difficult time qualifying for loans.
II. Any loans you take out will be relatively short-term.
III. You will have to pay higher than average interest rates.
a.
I only
b.
I and II
c.
Ill only
d.
I and III
provided

Question

24-04-2024
Business

Answered

Of the following statements, which one or ones indicate possible effects of a low credit score?
I. You will have a difficult time qualifying for loans.
II. Any loans you take out will be relatively short-term.
III. You will have to pay higher than average interest rates.
a.
I only
b.
I and II
c.
Ill only
d.
I and III
provided

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-04-24T02:48:22-04:00

The possible effects of a low credit score include: I. You will have a difficult time qualifying for loans. III. You will have to pay higher than average interest rates. These effects can have significant financial implications. When you have a low credit score, it signals to lenders that you may be a higher risk borrower. As a result: 1. You will have a difficult time qualifying for loans: Lenders may be hesitant to approve your loan applications or may offer you less favorable terms due to the increased risk associated with a low credit score. 3. You will have to pay higher than average interest rates: Lenders may charge you higher interest rates to compensate for the increased risk they are taking by lending to someone with a low credit score. In this case, the correct answer would be: d. I and III