which is the most important factor that fico uses to determine your credit score? (1 point)\n\ncredit…

which is the most important factor that fico uses to determine your credit score? (1 point)\n\ncredit mix\namount owed\npayment history\nnew credit

which is the most important factor that fico uses to determine your credit score? (1 point)\n\ncredit mix\namount owed\npayment history\nnew credit

Answer

Brief Explanations:

The FICO credit score is calculated using five main categories of data from a consumer's credit report. Each category carries a different weight in the final calculation:

  1. Payment History (35%): This is the most significant factor, as it shows whether a person pays their obligations on time.
  2. Amounts Owed (30%): This measures credit utilization and total debt.
  3. Length of Credit History (15%): This considers how long accounts have been established.
  4. New Credit (10%): This looks at recently opened accounts and inquiries.
  5. Credit Mix (10%): This considers the variety of account types (e.g., credit cards, mortgages, auto loans).

Answer:

payment history