Question

If the following statements, which one or ones describe actions helpful to your credit score?

I. Quickly paying off debts
II. Having recent debts
III. Having long-standing lines of credit
a.
I only
b.
II and III
c.
I and III
d.
III only

Answer 1

✅ C. I and III

i got it right⬇️

Answer 2

option c

Explanation:

Below are the 3 major determining factors to determine a good credit score:-

1) Payment history - The payment history comprises of 35 percent of the total credit score and is the most important factor in calculating credit scores. An easiest way for borrowers to improve their credit score is by making quick timely payments.

2) Credit utilization - It is the percentage of available credit which has been borrowed. It makes up 30 percent of the total credit scores.

3) Long-standing lines of credit - the amount of time each account has been open.It makes up 15 percent of the total credit score. In order to improve the credit scores, people without a credit history must begin using credit, and those having credit must maintain long-standing accounts.