Answered

Question 2(Multiple Choice Worth 5 points)
(03.01 LC)
Why is your credit score important when applying for a credit card?
Your credit score determines the annual percentage rate you will pay.
Your credit score eliminates all fees associated with using a credit card.
Your credit score acts as a contract with a lender for paying off the loan.
Your credit score guarantees you a fixed monthly payment that never increases.

Verified Answer :

GinnyAnswer

Final answer:

Your credit score is crucial when applying for a credit card as it influences the terms and rates you receive based on your financial history.


Explanation:

Your credit score is important when applying for a credit card because it determines the annual percentage rate you will pay. Lenders use your credit score to assess your creditworthiness and decide whether to approve your application and what terms to offer. A high credit score reflects responsible financial behavior and can lead to better loan terms and opportunities.


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