ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Types of credit used and new credit accounts
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Your SAT score and grade point average
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The number of credit cards and the number of bank accounts you have
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Your payment history and amount of debt you owe.
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Detailed explanation-1: -Payment history accounts for 35% of your FICO® Score☉, the credit score used by 90% of top lenders. Amounts owed. Your credit usage, particularly as represented by your credit utilization ratio, is the next most important factor in your credit scores.
Detailed explanation-2: -Payment history has the biggest impact on your credit score, making up 35% of your FICO score. Credit utilization ratio comes in at a close second, accounting for 30% of your score. The higher your credit score, the more likely you are to qualify for credit – and receive better terms and interest rates.
Detailed explanation-3: -The primary factors that affect your credit score include payment history, the amount of debt you owe, how long you’ve been using credit, new or recent credit, and types of credit used. Each factor is weighted differently in your score.
Detailed explanation-4: -Payment history. Do you pay your bills on time? Amount owed. This includes totals you owe to all creditors, how much you owe on particular types of accounts, and how much available credit you have used. Types of credit. New loans. Length of credit history.