ECONOMICS
CREDIT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
The FICO score measures all of the following except:
|
|
Debt History
|
|
|
Savings Account Balanace
|
|
|
Types of Debt
|
|
|
New Debt
|
Explanation:
Detailed explanation-1: -Many lenders use FICO Scores to make decisions about credit approvals, terms, and interest rates. Chances are when you apply for a mortgage, an auto loan, credit card, or a new line of credit, the bank or lender is looking at your FICO Score.
Detailed explanation-2: -FICO® Scores consider a wide range of information on your credit report. However, they do not consider: Your race, color, religion, national origin, sex and marital status.
Detailed explanation-3: -FICO Scores are calculated using many different pieces of credit data in your credit report. This data is grouped into five categories: payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%) and credit mix (10%).
There is 1 question to complete.