During the last year, John has made timely payments on three of his credit card accounts, all
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Question:
During the last year, John has made timely payments on three of his credit card accounts, all which have balances near the available credit limits. He did pay off a fourth credit card account, which he had for 15 years, and immediately closed it. Which of the following statements regarding John's credit score is CORRECT?
By immediately closing his long-standing account when it was paid off, John likely decreased his credit score.
Having three credit card account balances near their available credit limits will in all likelihood adversely affect John's credit score.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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