Ace the GED 2025 – Unlock Your Future and Get Excited to Succeed!

Question: 1 / 400

A consumer's credit score may impact all but which of the following transactions?

Buying a car

Buying a home

Getting a personal loan

Opening a bank account

A consumer's credit score is a critical factor when it comes to lending decisions and financial transactions that involve borrowing money, such as buying a car, buying a home, or obtaining a personal loan. Lenders assess credit scores to determine the risk of lending to an individual, which ultimately influences their approval process, the interest rates offered, and the terms of the loan.

In contrast, opening a bank account typically does not directly depend on a person’s credit score. While some banks may conduct a credit check as part of their customer verification process or to assess the risk of overdrafts, this is not a universal requirement. Most commonly, banks will evaluate identity, past banking history, or whether a person has previous account overdrafts, which makes this transaction less influenced by a credit score compared to the other options listed.

Get further explanation with Examzify DeepDiveBeta
Next Question

Report this question

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy