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Answer :
Pete is irresponsible and will not pay the loan back on time. Pete has a lower credit score. From the lenders perspective Pete is irresponsible. The lender would see it as he can't pay off his credit, then he wouldn't be able to pay back the loan.
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The credit score rating of 480 for Pete suggests that he's irresponsible and could no longer pay the mortgage back on time.
What is a credit rating?
A credit score rating is a range of scores among 300 and 850 that depicts a consumer's creditworthiness. The better the rating, the higher a borrower appears to capacity lenders.
A credit score rating is entirely based on credit history: the number of open accounts, total tiers of debt, and repayment history, among other factors.
The credit score rating version was created by the Fair Isaac Corporation, additionally called FICO, and it's miles utilized by economic establishments.
There are some ways to enhance a person's credit rating, which include repaying loans on time and maintaining debt levels. A credit score rating can have an effect on your economic life.
It performs a key function in a lender's choice to provide you with a credit score. People with credit score ratings of under 640, for example, are normally considered subprime borrowers.
Lending establishments regularly rate interest on subprime mortgages at a better fee than traditional loans, with the purpose of compensating themselves for sporting extra risk.
From the above assertions, it's clear that Pete is irresponsible and could no longer pay the mortgage. Being returned on time is an appropriate option.
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