ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Height
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Weight
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Debt
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Responsibility
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Detailed explanation-1: -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%).
Detailed explanation-2: -The amounts of debt that you owe is an important part of your credit and makes up 30% of your FICO Score. Keep track of your debt and credit utilization.
Detailed explanation-3: -A FICO score is the number used to determine someone’s creditworthiness, your credit score. Financial institutions and lenders use this as a guide to determine how much credit they can offer a borrower and at what interest rate. FICO scores can range from 300 to 850, the higher the number the better.
Detailed explanation-4: -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-5: -Your FICO® scores are just one type of credit score that lenders or creditors may use when determining whether they’ll provide you a loan or credit card. While FICO® scores are commonly used by lenders to assess your credit risk, other credit scores can also give you a good idea of where you stand.