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Credit Advocacy Industry Overview

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Questions and Answers

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?

Credit utilization

Length of credit history

Credit mix

Payment history (correct)

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?

Temporarily lowers the score Signup and view all the answers

What does the credit mix factor evaluate in the FICO score?

Ability to manage multiple debts Signup and view all the answers

What is the purpose of maintaining a balanced credit portfolio?

To demonstrate financial responsibility Signup and view all the answers

What is the percentage of the FICO score determined by the length of credit history?

15% Signup and view all the answers

What is the primary purpose of credit scores?

To evaluate creditworthiness Signup and view all the answers

What is the minimum percentage of the FICO score determined by payment history and credit utilization combined?

60% Signup and view all the answers

Which two models are primarily used to calculate credit scores?

FICO and VantageScore Signup and view all the answers

Credit Advocacy Industry Overview

Choose a study mode

Podcast

Questions and Answers

What percentage of the FICO score is determined by credit utilization?

Which factor contributes the most to the FICO score?

What is the primary consideration of payment history in determining 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 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 primary purpose of credit scores?

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?

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