HUD EXAM PREP 2024 WITH SOLUTIONS

HUD EXAM PREP 2024 WITH SOLUTIONS % Impact of Account Payment History on Credit Score - Answer -35% portion of credit score based on the payment history of accounts, including late payments, delinquencies, judgments, and liens % Impact of Amounts Owed on Accounts on Credit Score - Answer -30% portion of score based on the ratio of total credit extended to the amount of credit owed % Impact of Length of Credit History on Credit Score - Answer -15% portion of score based don the overall length of credit history in the report, as well as average age of accounts % Impact of Types of Credit Used on Credit Score - Answer -10% portion of score based on the variety of accounts % Impact of New Credit on Credit Score - Answer -10% portion of score based on the number of recent credit INQUIRIES 1.1.1) All of the following would help a counselor develop a realistic household budget, except: A. Payment information for a paid-off car B. Amount spent on groceries C. Rent payment information D. Monthly cable bill - Answer -A 1.1.2) All of the following are reasons why it is important for a client to track income and expenses before finalizing a budget, except: A. It helps show clients that they actually spend less on some expenses than they think. B. It helps identify spending habits.