This week's questions for the H&R Block Budget Challenge. Please, help me out! Answer all correctly and I'll give you brainliest!
1. Select the scenario most likely to build your credit (improve your credit score).
a.) Borrow more than 50% - 100% of the credit limit to show that you can handle more credit.
b.)Borrow 10%-30% of the credit limit on a credit card and make the minimum payment on time every month
c.) Use a debit card instead of a credit card
d.)Borrow 10%-30% of the credit limit on a credit card and pay the full balance on time every month
2. If Troy's credit card utilization is 35% and his current balance is $455, what is the credit limit on his only credit card?
a.)$900
b.)$1,000
c.)$159.25
d.)$1,900
e.)$1,300
3. After your loan application is submitted, who decides if you get approved for the loan?
a.) Loan Underwriter
b.) Credit agency
c.) Loan Undertaker
d.) Credit bureau
4. Which of the following are fast ways of improving your credit score (within 60 days)?
a.)All answers can quickly improve credit score
b.) All answers except cancelling credit cards can quickly improve credit score
c.) Cancel all credit cards
d.) Check credit limits in credit report for accuracy and make sure that they are not listed lower than they actually are
e.) Settle up any delinquent accounts with creditors and ask them to report the account as Paid As Agreed
f.) Dispute any errors on credit reports
5. Whose responsibility is it to identify credit report errors?
a.) Federal Government
b.) There are 3 reporting agencies to make sure that there are no errors on credit reports
c.) Credit reporting agencies It is your responsibility to identify mistakes and report them
