Question

25. How can your credit score impact your financial well-being?

1 poin
Only consumers with high scores are approved for credit
Consumers with low scores get lower interest rates on loans than those with high
scores
Your credit score can determine whether you are approved for a loan and what the
interest rate on that loan will be
OIt generally has no impact on your financial situation

Answer 1

Your credit score can impact your financial well-being by determining loan approval and interest rates.

Step-by-step explanation:

Your credit score can impact your financial well-being by determining whether you are approved for a loan and what the interest rate on that loan will be. A higher credit score indicates a lower risk and increases your chances of being approved for credit. It also allows you to access loans at lower interest rates, ultimately saving you money in the long run.

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