Multiple Choice 1 point Based on the chart which is true? Average Credit Score by Age, Second Quarter 2021 Age Average FICO Score 18-24679 25-40686 41-56705 57-75740 76+760 It is easier for young people to get loans at lower interest rates because they are likely to have never been late with a payment. Credit scores tend to drop as you grow older because you are more likely to miss a payment at some point. When young people borrow.they are likely to have lower interest rates because their credit scores are lower. It is more difficult for young people to borrow (i.e..get a loan) because they have less payment history for a lender to rely upon.

Question

Multiple Choice 1 point Based on the chart which is true? Average Credit Score by Age, Second Quarter 2021 Age Average FICO Score 18-24679 25-40686 41-56705 57-75740 76+760 It is easier for young people to get loans at lower interest rates because they are likely to have never been late with a payment. Credit scores tend to drop as you grow older because you are more likely to miss a payment at some point. When young people borrow.they are likely to have lower interest rates because their credit scores are lower. It is more difficult for young people to borrow (i.e..get a loan) because they have less payment history for a lender to rely upon.

Answer 1

The correct answer is: It is more difficult for young people to borrow (i.e., get a loan) because they have less payment history for a lender to rely upon.Explanation: The chart shows that young people (18-24) have the lowest average credit score (679), which suggests that they have less payment history for lenders to rely upon. This makes it more difficult for them to get loans at lower interest rates compared to older age groups.

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