Questions: Your credit score is determined through which of the following five factors? Age, level of education, income, length of time with current employer, and ZIP code Age, gender, race, income, and high school GPA Payment history, income, debt-to-income ratio, years at current address, and criminal record Payment history, debt amounts, length of credit history, new credit, and credit mix

Your credit score is determined through which of the following five factors? Age, level of education, income, length of time with current employer, and ZIP code Age, gender, race, income, and high school GPA Payment history, income, debt-to-income ratio, years at current address, and criminal record Payment history, debt amounts, length of credit history, new credit, and credit mix

Transcript text: Your credit score is determined through which of the following five factors? Age, level of education, income, length of time with current employer, and ZIP code Age, gender, race, income, and high school GPA Payment history, income, debt-to-income ratio, years at current address, and criminal record Payment history, debt amounts, length of credit history, new credit, and credit mix

Solution

Answer

The answer is Payment history, debt amounts, length of credit history, new credit, and credit mix.

Explanation

Option 1: Age, level of education, income, length of time with current employer, and ZIP code

This option is incorrect. These factors are not used in calculating a credit score. Credit scores are not determined by personal demographics such as age or ZIP code.

Option 2: Age, gender, race, income, and high school GPA

This option is incorrect. Credit scores do not consider personal characteristics like age, gender, race, or educational background.

Option 3: Payment history, income, debt-to-income ratio, years at current address, and criminal record

This option is incorrect. While payment history is a factor, income, debt-to-income ratio, years at current address, and criminal record are not directly used in calculating a credit score.

Option 4: Payment history, debt amounts, length of credit history, new credit, and credit mix

This option is correct. These are the five main factors used to determine a credit score. Payment history is the most significant factor, followed by the amounts owed, the length of credit history, new credit inquiries, and the mix of credit types.

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