Question

A fico score represents all of the following except: (1 point)the amount of money in your retirement account. income to debt ratio. creditworthiness. length of credit history.

Answer 1

Test Answers:

1. A the amount of money....

2. C 20% to 50%

3. B. 7 years

4. A. Collateral

5. A. Unsecured Debt

6. D. Depreciation

7. C. A late payment fee

8. A. Higher interest rate and a late....

9. C. $237.00

10. C. Martial status

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Answer 2

Option (A) is correct. FICO score does not help in defining the determination for the retirement account.

Further Explanation:

FICO score:

FICO score states the credit rating of an individual. It is developed by Fair Isaac Corporation. Therefore, it gets its name from the name of the originating organization. Fair Isaac Corporation provides the consumer credit score ranging from 300 to 850. The score higher than 650 states that the individual has the goods credit history.

FICO score represents the following:

• It states the debt ratio of the individual by considering the credit history of the individual and analyzing the income and current loans.

• FICO score helps in determining the creditworthiness of a person by analyzing the credit score.

• It helps in determining the length of the credit history.

FICO score only specifies the credit-related parameters of the individual. It does not state the retirement-related facts.

Thus, option (A) is correct. FICO score does not help in defining the determination for the retirement account.

Learn More:

1. Learn more about the money owed to the credit card company

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2. Learn more about the common credit card fee

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3. Learn more about making on-time minimum payment of credit card

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Answer Details:

Grade: Middle school

Chapter: Credit score

Subject: Business studies

Keywords: FICO, score, represents amount, money, retirement, account, income, debt ratio, creditworthiness, length, credit history.