Question

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?%0D%0A%0D%0A(1 point)%0D%0AResponses%0D%0A%0D%0ANothing—he should count on Shonda’s credit for the best terms.%0D%0A%0D%0ANothing—he should count on Shonda’s credit for the best terms.%0D%0A%0D%0AHe should borrow more money to demonstrate he can pay it back.%0D%0A%0D%0AHe should borrow more money to demonstrate he can pay it back.%0D%0A%0D%0AHe should explain that Shonda’s score is good so his is less important.%0D%0A%0D%0AHe should explain that Shonda’s score is good so his is less important.%0D%0A%0D%0AContinuing to pay down his debt on time will gradually raise his score.

Answer 1

Continuing to pay down his debt on time will gradually raise his credit score. This shows responsible financial behavior and will help improve his creditworthiness over time. Miguel should also check his credit report for any errors and work on resolving any outstanding issues. Additionally, he can consider opening a new credit account and using it responsibly to demonstrate his ability to manage credit effectively.