Cryptocurrency Q&A
How is credit rate determined?
How is credit rate determined?
Maria
Sat Jan 25 2025
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6
answers
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I want to know how the credit rate is decided. What factors or criteria are considered when determining the credit rate for a person or a business?
6 answers
BitcoinBaron
Mon Jan 27 2025
A FICO credit score is determined through the consideration of five key components.
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KpopMelody
Sun Jan 26 2025
The fifth factor is credit mix, which looks at the types of credit accounts you have, such as installment loans, revolving credit, and mortgage loans. Having a mix of different types of credit can positively impact your score.
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MysticRainbow
Sun Jan 26 2025
The first factor influencing your FICO score is your payment history. This includes your track record of making on-time payments on loans, credit cards, and other credit obligations.
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Sofia
Sun Jan 26 2025
The second most significant factor is the amount of money you owe. This takes into account your outstanding credit balances and how close you are to your credit limits.
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Eleonora
Sun Jan 26 2025
The third factor is new credit, which refers to your recent applications for credit and the number of new accounts you have opened.
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