For each scenario, use the items in the tables to indicate whether the item will improve or decrease the individuals credit score. Then answer the question that follows.  George just turned 21 and has applied for a few credit cards.  Here are some details about his profile Item    Improve or decrease credit score He currently has 2 credit cards     He got his first credit card 8 months ago     He has no student loans     He has applied for 4 credit cards in the last year (and had 2 applications accepted)     He opened his last credit card 4 months ago     All of his credit cards currently have a balance, as he has trouble paying off his card each month     He has $5,000 currently outstanding on all his credit cards     He missed a payment in the last three months when he forgot to notify the card company that he had recently moved out of his apartment. He was 30 days behind on making a payment.     He has no cards currently past due     His credit card balances of $5,000 are about 55% of his overall limits     He has never gone through a bankruptcy or other proceeding

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Directions: For each scenario, use the items in the tables to indicate whether the item will improve or decrease the individuals credit score. Then answer the question that follows. 
George just turned 21 and has applied for a few credit cards.  Here are some details about his profile
Item    Improve or decrease credit score
He currently has 2 credit cards    
He got his first credit card 8 months ago    
He has no student loans    
He has applied for 4 credit cards in the last year (and had 2 applications accepted)    
He opened his last credit card 4 months ago    
All of his credit cards currently have a balance, as he has trouble paying off his card each month    
He has $5,000 currently outstanding on all his credit cards    
He missed a payment in the last three months when he forgot to notify the card company that he had recently moved out of his apartment. He was 30 days behind on making a payment.    
He has no cards currently past due    
His credit card balances of $5,000 are about 55% of his overall limits    
He has never gone through a bankruptcy or other proceeding      

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Consumer Credit Counseling Services
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education