Miguel and Shonda are married and applying for a loan. They have similar salaries. Before they got married, Miguel had some medical issues and was out of work for a few months. He got a behind on some of his loan payments but has now caught up. What can Miguel do to raise his credit score?

Question

Responses

Nothing—he should count on Shonda’s credit for the best terms.

He should borrow more money to demonstrate he can pay it back.

He should explain that Shonda’s score is good so his is less important.

Continuing to pay down his debt on time will gradually raise his score.

Answer 1

The best response is:

Continuing to pay down his debt on time will gradually raise his score.

By making on-time payments and reducing his overall debt, Miguel can improve his credit score over time. It's important for him to focus on managing his finances responsibly, as this will have a significant positive impact on his creditworthiness.