(Answered) The following key factors impact the fico scorenbspi

Economics

The following key factors impact the FICO score:

i) Payment History - what does it mean? How does it impact your score?

ii) Length of Credit - what does it mean? How does it impact your score?

iii) Credit Inquiries - what does it mean? What is the difference between a "hard" inquiry and a "soft" inquiry? How do credit inquiries impact your score?

iv) Credit Utilization - what does it mean? Give example. How does it impact your score?

v) Open Accounts - what does it mean? How does it impact your score?

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