ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Payment history is one of the most important factors that influence your credit score. It accounts for 35% of your credit score, followed by amounts owed (30%), length of credit history (15%), and new credit and credit mix, which each account for 10% of your score.

Detailed explanation-2: -Payment history Payment history is the most important factor influencing your credit score – accounting for 35% of the total score.

Detailed explanation-3: -Your payment history accounts for 35% of your score. This shows whether you make payments on time, how often you miss payments, how many days past the due date you pay your bills, and how recently payments have been missed.

Detailed explanation-4: -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.

Detailed explanation-5: -Payment history shows how you’ve paid your accounts over the length of your credit. This evidence of repayment is the primary reason why payment history makes up 35% of your score and is a major factor in its calculation.