In this situation, the best course of action would be for only Shonda to apply because she will get better terms. Since Shonda has a good credit history and very little debt, she is likely to secure more favorable loan terms than Miguel, who has a history of payment issues due to his medical problems, even though he has caught up on his payments. Applying solely based on Shonda’s creditworthiness would likely yield better results for their loan application.
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 behind on some of his loan payments but has now caught up. Shonda has a good credit history and very little debt. How should they apply for the loan?
(1 point)
Responses
Neither is likely to get good terms in this circumstance.
Neither is likely to get good terms in this circumstance.
Only Shonda should apply because she will get better terms.
Only Shonda should apply because she will get better terms.
Both should apply because their credit scores will average out to a good one.
Both should apply because their credit scores will average out to a good one.
Only Miguel should apply because he has a longer history of borrowing money.
1 answer