Question

Select all the correct answers.

Benjamin's application for an auto loan gets rejected due to a low credit score. Which three factors should he focus on to positively impact his future
credit score?
Ohis residential address linked to his checking account
his educational qualifications
the number of recently opened accounts
the amount of debt that he needs to pay off
his payment history
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Answer 1

Benjamin should focus on his payment history, the amount of debt he needs to pay off, and the number of recently opened accounts to positively impact his future credit score.

Step-by-step explanation:

Benjamin should focus on three factors to positively impact his future credit score:

• His payment history: Benjamin should ensure that he pays all his bills on time and avoids any late payments or defaults. This will help improve his credit score over time.
• The amount of debt that he needs to pay off: Benjamin should work towards reducing his existing debt. Lowering his debt will lower his credit utilization ratio, which is a key factor in determining credit scores.
• The number of recently opened accounts: Benjamin should avoid opening too many new accounts within a short period of time. This can be seen as a sign of financial instability and can negatively impact his credit score.

Learn more about Factors to positively impact a credit score