ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What factors affect a credit score? Choose all correct answers.
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New debt
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Type of debt
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Duration of debt
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Your checking account balance
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Explanation:
Detailed explanation-1: -When you use your debit card, your money is withdrawn directly from your checking account. But since debit cards are not a form of credit, your debit card activity does not get reported to the credit bureaus, and it will never show up on your credit report or influence your score in any way.
Detailed explanation-2: -The score models can be divided into three major types: FICO, VantageScore and other credit scores.
Detailed explanation-3: -Change in address, change in marital status, education level, religion, and various other factors do not affect your CIBIL score.
Detailed explanation-4: -Payment history. Amounts owed. Length of credit history. New credit. Credit mix. 30-Dec-2022
There is 1 question to complete.