ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Payment History and Amount of current debt
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Length of credit history and types of credit
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Payment History and Job History
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Payment History and Credit inquiries
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Detailed explanation-1: -Payment History: 35% Your payment history carries the most weight in factors that affect your credit score, because it reveals whether you have a history of repaying funds that are loaned to you. Amounts Owed: 30% Length of Credit History: 15% New Credit: 10% Types of Credit in Use: 10%
Detailed explanation-2: -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-3: -Because payment history is the most important factor in making up your credit score, paying all your bills on time every month is critical to improving your credit. Pay down debt.
Detailed explanation-4: -Payment history. Amounts owed. Length of credit history. New credit. Credit mix. 30-Dec-2022
Detailed explanation-5: -Your payment history accounts for 35% of your score. How much you owe on loans and credit cards makes up 30% of your score. The length of your credit history accounts for 15% of your score. The types of accounts you have make up 10% of your score. More items