How Well Do You Know Your Credit Score? Take The Quiz And Find Out
Test Your Knowledge with These 5 Questions
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Q: What are the five primary factors that determine your credit score?
A) Payment history, amounts owed, length of credit history, new credit and credit mix.
B) Income, assets, debts, expenses and credit mix.
C) Age, occupation, education, marital status and credit mix.
D) Payment history, amounts owed, credit inquiries, credit limits and credit mix.
A) Payment history, amounts owed, length of credit history, new credit and credit mix. **(Correct)**
Q: How long does it take to establish enough credit history for a FICO score?
A) One to two months of credit activity.
B) Three to six months of credit activity.
C) Nine to 12 months of credit activity.
D) 18 to 24 months of credit activity.
B) Three to six months of credit activity. **(Correct)**
Q: What is the range of FICO scores, and which one is considered the best?
A) FICO scores range from 300 to 850, with higher scores being better and lower risk to lenders.
B) FICO scores range from 350 to 900, with lower scores being better and lower risk to lenders.
C) FICO scores range from 250 to 800, with higher scores being better and lower risk to lenders.
D) FICO scores range from 400 to 950, with lower scores being better and lower risk to lenders.
A) FICO scores range from 300 to 850, with higher scores being better and lower risk to lenders. **(Correct)**
– Q: What are some of the steps you can take to improve your credit score over time?
A) Some of the steps include paying your bills on time, keeping your credit utilization low, avoiding applying for too many new accounts, checking your credit reports for errors and diversifying your credit mix.
B) Some of the steps include paying your bills late, keeping your credit utilization high, applying for as many new accounts as possible, ignoring your credit reports and sticking to one type of credit.
C) Some of the steps include paying your bills on time, keeping your credit utilization high, avoiding applying for too many new accounts, checking your credit reports for errors and diversifying your credit mix.
D) Some of the steps include paying your bills on time, keeping your credit utilization low, applying for as many new accounts as possible, checking your credit reports for errors and diversifying your credit mix.
A) Some of the steps include paying your bills on time, keeping your credit utilization low, avoiding applying for too many new accounts, checking your credit reports for errors and diversifying your credit mix. **(Correct)**
– Q: How long do negative items such as late payments, collections, foreclosures and bankruptcies stay on your credit report?
A) Late payments and collections stay for seven years, foreclosures stay for seven years from the date of the first missed payment that led to the foreclosure, and bankruptcies stay for seven to 10 years depending on the type.
B) Late payments and collections stay for five years, foreclosures stay for five years from the date of the first missed payment that led to the foreclosure, and bankruptcies stay for five to seven years depending on the type.
C) Late payments and collections stay for nine years, foreclosures stay for nine years from the date of the first missed payment that led to the foreclosure, and bankruptcies stay for nine to 12 years depending on the type.
D) Late payments and collections stay for three years, foreclosures stay for three years from the date of the first missed payment that led to the foreclosure, and bankruptcies stay for three to five years depending on the type.
A) Late payments and collections stay for seven years, foreclosures stay for seven years from the date of the first missed payment that led to the foreclosure, and bankruptcies stay for seven to 10 years depending on the type. **(Correct)**
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