ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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100 to 1600
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300 to 850
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1 to 36
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1 to 2400
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Detailed explanation-1: -The main categories considered are a person’s payment history (35%), amounts owed (30%), length of credit history (15%), new credit accounts (10%), and types of credit used (10%). FICO scores are available from each of the three major credit bureaus, based on information contained in consumers’ credit reports.
Detailed explanation-2: -Is “credit score” the same as “FICO® score"? Basically, “credit score” and “FICO® score” are all referring to the same thing. A FICO® score is a type of credit scoring model. While different reporting agencies may weigh factors slightly differently, they are all essentially measuring the same thing.
Detailed explanation-3: -As mentioned, length of credit history is worth 15 percent of your FICO Score and around 20 percent of your VantageScore credit score (when combined with your credit mix of revolving vs. nonrevolving accounts).