Credit Score 101
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Questions and Answers

If your credit score is below 600, what type of credit risk are you considered by lenders?

  • No risk
  • Low risk
  • Moderate risk
  • High risk (correct)
  • Based on the text, what are three ways you can boost your credit score?

  • Keep high balances on credit cards
  • Miss payments
  • Pay your bills on time (correct)
  • Apply for new credit accounts
  • What are four benefits of having good credit?

  • Reduced deposits for utilities (correct)
  • Better insurance options
  • Higher interest rates
  • Slower credit approvals
  • If your credit score is above 700, what type of credit risk are you considered by lenders according to the text?

    <p>Low risk</p> Signup and view all the answers

    To raise your credit score by 50 points, what action could you take according to the text?

    <p>Pay down credit balance</p> Signup and view all the answers

    To raise your credit score by 80 points, what action could you take according to the text?

    <p>Pay off accounts</p> Signup and view all the answers

    What actions would you need to take to raise your credit score by 260 points?

    <p>Pay all overdue payments</p> Signup and view all the answers

    What is the general range for credit scores?

    <p>300-850</p> Signup and view all the answers

    What is one benefit of good credit?

    <p>Faster credit approvals</p> Signup and view all the answers

    What should you do if you have missed payments?

    <p>Get current and stay current</p> Signup and view all the answers

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