which factor makes up the largest part of your credit score? 5 points\na) payment history\nb) types of…

which factor makes up the largest part of your credit score? 5 points\na) payment history\nb) types of credit\nc) new credit inquiries\nd) credit mix\n\nif you cosign a loan for a friend and they don’t pay, what happens? 5 points\na) your credit is not affected\nb) your credit score goes down because you’re responsible too\nc) the bank ignores it since you didn’t borrow the money\nd) your credit score improves because you helped a friend

which factor makes up the largest part of your credit score? 5 points\na) payment history\nb) types of credit\nc) new credit inquiries\nd) credit mix\n\nif you cosign a loan for a friend and they don’t pay, what happens? 5 points\na) your credit is not affected\nb) your credit score goes down because you’re responsible too\nc) the bank ignores it since you didn’t borrow the money\nd) your credit score improves because you helped a friend

Answer

Brief Explanations:

Payment history is the most significant factor in credit - scoring models as it shows a borrower's track record of repaying debts. When you cosign a loan, you are equally responsible for repayment. If the primary borrower defaults, it negatively impacts your credit score.

Answer:

  1. a) Payment history
  2. b) Your credit score goes down because you're responsible too