ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1/2
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3/4
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35%
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90%
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Detailed explanation-1: -Your payment history accounts for 35% of your score. This shows whether you make payments on time, how often you miss payments, how many days past the due date you pay your bills, and how recently payments have been missed.
Detailed explanation-2: -Your FICO® and VantageScore® are two common credit scores lenders can use when looking to assess your financial track record. Both weigh payment history heavily among many factors affecting your credit scores. In fact, payment history accounts for about 35% of your FICO® Score.
Detailed explanation-3: -Payment history (35%) The first thing any lender wants to know is whether you’ve paid past credit accounts on time. This helps a lender figure out the amount of risk it will take on when extending credit. This is the most important factor in a FICO Score.
Detailed explanation-4: -There is a very slim margin allowing for late payments before your credit score starts to suffer: 100% – Great. 99% – Good. 98% – Fair.
Detailed explanation-5: -Pay on time. This may seem obvious, but the key to a solid payment history is paying your bills on time, every month, without fail. Dispute misreported payments. Avoid underpayment. Establish a bill-paying routine. Let technology help. 16-Sept-2021