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What is a 'credit score'?

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Question: What is a \'credit score\'?

Options:

  1. A measure of a person\'s creditworthiness
  2. The amount of money in a bank account
  3. The interest rate on loans
  4. A type of bank account

Correct Answer: A measure of a person\'s creditworthiness

Solution: 

A \'credit score\' is a measure of a person\'s creditworthiness.

What is a 'credit score'?

Practice Questions

Q1
What is a 'credit score'?
  1. A measure of a person's creditworthiness
  2. The amount of money in a bank account
  3. The interest rate on loans
  4. A type of bank account

Questions & Step-by-Step Solutions

What is a 'credit score'?
Correct Answer: A 'credit score' is a measure of a person's creditworthiness.
  • Step 1: Understand that a credit score is a number.
  • Step 2: Know that this number shows how likely a person is to pay back borrowed money.
  • Step 3: Realize that a higher score means better creditworthiness.
  • Step 4: Learn that credit scores are used by lenders to decide if they will give you a loan or credit.
  • Creditworthiness – A numerical representation of an individual's ability to repay debts.
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