Question

2. What are the top two factors in your FICO score? What actions can one take...

2. What are the top two factors in your FICO score? What actions can one take to earn the most points in these categories to improve a FICO score

Homework Answers

Answer #1

Solution:

The 2 top factors in determining a person’s FICO score it the amount of debt owed and the repayment history of the individual. To improve a person’s FICO score in these two areas a person can make sure that all of their payments are made on time and are not late. A person can also make larger payments on their existing debt to lower their current balances. 65% percent of the FICO score is determined by these two factors so if a person wants to improve their FICO score these are the two things they should focus on when trying to improve their credit score.

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