Question

Miguel and Shonda are married and applying for a loan. They have similar salaries. Before they gotmarried, Miguel had some medical issues and was out of work for a few months. He got behind onsome of his loan payments but has now caught up. Shonda has a good credit history and very littledebt. How should they apply for the loan?
(1 point)
Neither is likely to get good terms in this circumstance.
Only Shonda should apply because she will get better terms.
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.
A)
Miguel and Shonda are married and applying for a loan. They have similar salaries. Before they gotmarried, Miguel had some medical issues and was out of work for a few months. He got a behind onsome of his loan payments but has now caught up. What can Miguel do to raise his credit score?
(1 point)
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

1) Only Shonda should apply because she will get better terms.

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