Podcast
Questions and Answers
What percentage of the FICO score is determined by credit utilization?
What percentage of the FICO score is determined by credit utilization?
- 20%
- 30% (correct)
- 40%
- 50%
Which factor contributes the most to the FICO score?
Which factor contributes the most to the FICO score?
- Credit utilization
- Length of credit history
- Credit mix
- Payment history (correct)
What is the primary consideration of payment history in determining the FICO score?
What is the primary consideration of payment history in determining the FICO score?
- Credit inquiries
- Total amount of debt
- Timely payments (correct)
- Credit card usage
What is the impact of new credit inquiries on the FICO score?
What is the impact of new credit inquiries on the FICO score?
What does the credit mix factor evaluate in the FICO score?
What does the credit mix factor evaluate in the FICO score?
What is the purpose of maintaining a balanced credit portfolio?
What is the purpose of maintaining a balanced credit portfolio?
What is the percentage of the FICO score determined by the length of credit history?
What is the percentage of the FICO score determined by the length of credit history?
What is the primary purpose of credit scores?
What is the primary purpose of credit scores?
What is the minimum percentage of the FICO score determined by payment history and credit utilization combined?
What is the minimum percentage of the FICO score determined by payment history and credit utilization combined?
Which two models are primarily used to calculate credit scores?
Which two models are primarily used to calculate credit scores?