Answered: Xenia has had access to credit since…

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter6: Building And Maintaining Good Credit

Section: Chapter Questions

Problem 2FPC

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Transcribed Image Text:PERSONAL FINANCE Xenia has had access to credit since she was 17 because her parents made her an authorized user on their credit card. As an authorized user on their account, she benefited from her parent's diligent credit card habits. She also has a few student loans in college that she will start repaying after she graduates. Here are some details about her for the profile Improve or decrease credit Item Score She currently has 1 credit card She her first credit card only four years ago but her report says she has had it for 15 got years because her parents had it first. This is a great credit score hack she benefits from the fact that her parents had this credit card for 15 years. got her first student loan 3 years ago She She has received one student loan in the last year She got that student loan over six months ago Only her three student loans carry a balance, since she and her parents always pay the credit card bill off in full every month She has $10,000 currently outstanding on her student loans She (and her parents) have never missed a payment None of her loans or credit cards are past due (and her parents are always on time with their credit card) Since she and her parents pay off the bill every month, she has $0 balance She has never gone through a bankruptey or other negative proceeding

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