Question

You want to purchase your first house. A conventional mortgage will require a credit score of approximately 630. Your credit score is 560. You need to increase it by 70 points to get to 630. If you increase your score by 12% per year, how many years will it take to lift your score to 630?

Answer 1

1.1 years

Step-by-step explanation:

The currents credit score is 560

the credit score is increasing by 12% per year is

=12% of 560

=12/100 x 560

=0.12 x 560

=67.2

The required increase is 70 points

the years it will take = 70 points /67.2 points

=1.041 years

= 1 year and one month