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Not managing your debt wisely can result in ________
A. An increase in your credit score
B. A decrease in your credit score
C. Inaccessible credit score
D. No change in your credit score
The correct answer is decrease in your credit score.
A credit score is a 3-digit number (ranging from 300 to 900) that tells lenders how reliable you are with borrowing money. Credit bureaus, which are like credit information companies, calculate this number. They look at things like how long you’ve been borrowing money, whether you pay your bills on time, and how often you apply for new credit.
A higher score is good because it means you’re less risky to lend to, making it easier to get loans and credit cards with good terms. A lower score makes it harder to get credit and may mean you’ll pay more in interest. It’s important to keep an eye on your score and manage your borrowing well.
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