select the correct answer.\n\nwhich of the following will help you have a good credit score?\n\na. opening a…

select the correct answer.\n\nwhich of the following will help you have a good credit score?\n\na. opening a lot of credit accounts.\nb. keeping your balance at the maximum available amount of credit.\nc. paying off your debt as quickly as possible.\nd. all of the above

select the correct answer.\n\nwhich of the following will help you have a good credit score?\n\na. opening a lot of credit accounts.\nb. keeping your balance at the maximum available amount of credit.\nc. paying off your debt as quickly as possible.\nd. all of the above

Answer

Brief Explanations:

A good credit score is primarily determined by factors such as payment history and credit utilization.

  • Option A is incorrect because opening many accounts in a short period can lower your score due to multiple hard inquiries and a reduced average account age.
  • Option B is incorrect because keeping a balance at the maximum (high credit utilization) negatively impacts your score; lenders prefer a low utilization ratio (typically below 30%).
  • Option C is correct because paying off debt quickly demonstrates financial responsibility, ensures on-time payments, and lowers your credit utilization ratio, all of which contribute positively to a credit score.

Answer:

C. Paying off your debt as quickly as possible.