ECONOMICS
SAVING AND INVESTING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
higher interest
|
|
|
higher principal
|
|
|
longer duration
|
|
|
higher credit score
|
Detailed explanation-1: -Interest rates and annual percentage rates (APRs) on your credit accounts aren’t a factor used to calculate credit scores. But late or missed payments on those accounts can hurt your credit scores.
Detailed explanation-2: -Key Takeaways. Payment history, debt-to-credit ratio, length of credit history, new credit, and the amount of credit you have all play a role in your credit report and credit score.
Detailed explanation-3: -One of the best things you can do to improve your credit score is to pay your debts on time and in full whenever possible. Payment history makes up a significant chunk of your credit score, so it’s important to avoid late payments.
Detailed explanation-4: -Payment history-whether you pay on time or late-is the most important factor of your credit score making up a whopping 35% of your score. That’s more than any one of the other four main factors, which range from 10% to 30%.