Frequent question: What is the most important determinant to your FICO score?

How much would Greg have saved if he had paid $50 a month instead of the minimum amount?

The cost was $826.38. If Greg pays $50 a month for 20 months, the total interest will be $139.33. Greg decided instead to pay only the minimum amount each month. That will take him 124 months and the total interest will be $1,038.08.

Does Credit Karma give you accurate scores?

Here’s the short answer: The credit scores and reports you see on Credit Karma come directly from TransUnion and Equifax, two of the three major consumer credit bureaus. The credit scores and reports you see on Credit Karma should accurately reflect your credit information as reported by those bureaus.

Is 848 a good FICO score?

A FICO® Score of 848 is well above the average credit score of 704. An 848 FICO® Score is nearly perfect. You still may be able to improve it a bit, but while it may be possible to achieve a higher numeric score, lenders are unlikely to see much difference between your score and those that are closer to 850.

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Which action will help increase a low FICO score?

Reduce the amount of debt you owe

Keep balances low on credit cards and other revolving credit: high outstanding debt can negatively affect a credit score. Pay off debt rather than moving it around: the most effective way to improve your credit scores in this area is by paying down your revolving (credit card) debt.

Why did my credit score drop when I paid off collections?

The most common reasons credit scores drop after paying off debt are a decrease in the average age of your accounts, a change in the types of credit you have, or an increase in your overall utilization. It’s important to note, however, that credit score drops from paying off debt are usually temporary.

Which is most likely to happen to consumers with good credit?

Which is most likely to happen to consumers with good credit? … They can use credit in emergencies. A form must be filled out when someone is hired for a job to determine how much income tax will be withheld.

What step could the Jones family take to improve their credit?

What step could the Jones family take to improve their credit? They could ask a credit agency for assistance with paying off debt.