Question

Rank the following factors in order from those that have the most effect on your credit score to those that have the leas

effect on your credit score.
I. Amount of money owed
II. Payment history
III. Credit history length
I, II, III
II, I, III
c.
II, III, I
d. III, II, I
a.
b.
Please select the best answer from the choices provided
50:03
OA
OB

Answer 1

Payment history, Amount of money owed, and Credit history length are the factors that affect your credit score in descending order of importance.

Step-by-step explanation:

1. Payment history: This is the most significant factor in determining your credit score. It includes your record of making payments on time and any missed or late payments.
2. Amount of money owed: The next important factor is the amount of debt you have. This includes both the total amount owed and the ratio of your outstanding debt to your available credit.
3. Credit history length: The length of your credit history also plays a role in your credit score. A longer credit history indicates a more established credit profile.

Based on these factors, the correct ranking is II, I, III.

Learn more about Factors influencing credit scores