Questions: 5.2.2 Quiz: Using Credit Which phrase best completes the diagram of the credit approval process? ? Customer fills Lender reviews applicant's credit score Lender approves or denies credit A. Customer files for bankruptcy protections B. Customer researches different credit cards C. Customer selects simple or compound interest

The answer is B. Customer researches different credit cards

Filing for bankruptcy is not a typical step in the credit approval process. It is a legal procedure for individuals or businesses that cannot repay their outstanding debts, and it usually occurs after credit has been denied or financial difficulties have arisen.

This option makes sense as a step in the credit approval process. Before applying for credit, a customer typically researches different credit card options to find one that best suits their needs. This step logically precedes filling out an application.

Selecting between simple or compound interest is not a decision typically made by the customer in the credit approval process. Interest terms are usually set by the lender and are part of the credit agreement rather than a choice made by the applicant.