Which of the following factors will have the greatest impact on your credit score? i. length of credit history ii. payment history iii. amounts owed iv. types of credit used

Answer

Your payment history and your amount of debt has the largest impact on your credit score.

Explanation

A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual. Lenders or those who makes funds available with the expectation that the funds will be repaid, plus any interest uses  credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits.Your payment history is  one piece of information used in calculating your FICO Scores.

The correct options are option (ii) and option (iii) which are your payment history and your amount of debt.

Further Explanation:

Credit card: It is a plastic card issued by the banks or financial companies to borrow money that can be used in purchasing goods and services.

The capacity to repay the loan is calculated by credit card score. There are mainly five scores that to check your credit score are as below:

The other factors that do not affect your credit score are as below:

Learn more:

1. A company that allows you to license software monthly to use online is an example of ?

2. Prediction accuracy of a neural network depends on and .  

3. The shape of our galaxy was determined ‘on the inside looking out' by surveying the milky way using telescopes.  

4. List 3 characteristics of the ideal encryption scheme.

Answer details:

Grade: Senior Secondary School

Subject: Business Study

Chapter: Banking System

Keyword:

Credit card, debit card, banks, financial companies. Length of credit history, payment history, amount owed, types of credit used

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