Final answer:
A new borrower cannot achieve a perfect credit score, but the number of points missed is not specific and varies individually. Fair credit decisions are based on facts, not personal attributes. Late payment fees and interest on carried balances also affect your credit score.
Step-by-step explanation:
When you are building your payment history, it's essential to understand the impact of your actions on your credit score. A perfect credit score is typically seen as 850. As a new borrower, lacking a lengthy credit history, you may not have a perfect score, but the exact number of points you may miss cannot be precisely determined without considering individual credit activities. However, every lender has different criteria for evaluating credit scores, and it is fair practice that race, gender, religion, and other such attributes are not considered in credit scoring.
If you carry a credit card balance from month to month, you will incur interest charges, which can quickly accumulate and affect your credit utilization ratio, thereby potentially lowering your credit score. Promptly paying off credit card balances and keeping a low utilization rate are key strategies to maintain and improve your credit score.
Remember that late payments can result in additional charges, as in the case where a credit card company charges a $10 late fee and $5 daily until the payment is settled. Such penalties not only burden you financially but can also impact your credit score if late payments are reported to credit bureaus.