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Credit Advocacy Industry Overview
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Credit Advocacy Industry Overview

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@KeenSnowflakeObsidian

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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?

    <p>Temporarily lowers the score</p> Signup and view all the answers

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

    <p>Ability to manage multiple debts</p> Signup and view all the answers

    What is the purpose of maintaining a balanced credit portfolio?

    <p>To demonstrate financial responsibility</p> Signup and view all the answers

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

    <p>15%</p> Signup and view all the answers

    What is the primary purpose of credit scores?

    <p>To evaluate creditworthiness</p> Signup and view all the answers

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

    <p>60%</p> Signup and view all the answers

    Which two models are primarily used to calculate credit scores?

    <p>FICO and VantageScore</p> Signup and view all the answers

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