ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Payment History & Amount you owe
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Length of credit history & Amount of new credit applied for recently
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Types of credit open
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All of these are correct
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Detailed explanation-1: -Generally, tracking your credit repayment record is a significant factor in your CIBIL™ score. Ensure to be disciplined in your credit repayment because if you miss a single repayment installment, it may harm your credit score and credit report.
Detailed explanation-2: -These two factors when combined make up about 65% of your credit score are: On-time payments: Whether you’ve paid past credit accounts on time. Credit utilization ratio (CUR): How big your balance is, compared to your total credit limit across all of your credit cards.
Detailed explanation-3: -What’s in my FICO® Scores? 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-4: -Check your statements and your score Make those payments on time, stay well below your credit limit and monitor your score and you’ll already be exercising some of the best habits you can.
Detailed explanation-5: -Payment history. Amounts owed. Length of credit history. New credit. Credit mix. 30-Dec-2022