Credit Scores and Good Credit Quiz
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Questions and Answers

If your credit score is below 600, what type of credit risk are you considered by lenders? (Understanding Credit Score )

  • No risk
  • Low risk
  • Moderate risk
  • High risk (correct)

    • What are three ways you can boost your credit score? (Understanding Credit Score )

  • Keep balances high on credit cards
  • Pay bills late
  • Pay off accounts
  • Apply for and open new credit accounts frequently
  • Pay bills on time
  • Keep balances low on credit cards (correct)

    • What are four benefits of having good credit? (Understanding Credit Score )

  • Approval for insurance
  • Ability to borrow higher amounts (correct)
  • Higher deposits required by utilities
  • Approval for apartments
  • Approval by an employer
  • Higher interest rates
  • Better credit cards, car loans, and mortgage offers
  • Slower credit approvals

    • If your credit score is above 700, what type of credit risk are you considered? (Understanding Credit Score )

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

    To raise your credit score by 50 points, what action could you take? (Understanding Credit Score )

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

    True or false: A credit score below 600 is considered low risk to lenders. (Understanding Credit Score )

    <p>False</p> Signup and view all the answers

    True or false: Paying off accounts can raise your credit score by 80 points. (Understanding Credit Score )

    <p>True</p> Signup and view all the answers

    True or false: To raise your credit score by 260 points, you would need to take multiple actions. (Understanding Credit Score )

    <p>True</p> Signup and view all the answers

    Match the credit score range with the corresponding risk to lenders: (Understanding Credit Score )

    <p>300-600 = High risk Above 700 = Low risk</p> Signup and view all the answers

    Match the following actions with their potential credit score change: (Understanding Credit Score )

    <p>Pay off accounts = +80 Build history of paying on time = +40 Pay down further and no new accounts opened = +50</p> Signup and view all the answers

    Match the benefits with having good credit: (Understanding Credit Score )

    <p>Get approved for insurance = Yes Obtain better credit cards, car loans, and mortgage offers = Yes Lowers your interest rates = Yes</p> Signup and view all the answers

    Where does Joe Smith work? (Credit Report Example)

    <p>Unitrade, Long Beach CA</p> Signup and view all the answers

    What is Joe's previous address? (Credit Report Example)

    <p>101 Quincy Street</p> Signup and view all the answers

    What did Joe have to file for on 12/1? (Credit Report Example)

    <p>Bankruptcy</p> Signup and view all the answers

    What three credit cards does Joe have? (Credit Report Example)

    <p>Walmart, Mastercard, Target</p> Signup and view all the answers

    What other debt does Joe have besides credit card debt? (Credit Report Example)

    <p>Student Loan</p> Signup and view all the answers

    Joe Smith's social security number is 100-10-0001.

    <p>True</p> Signup and view all the answers

    Joe Smith filed for bankruptcy on 12/01.

    <p>True</p> Signup and view all the answers

    Joe Smith has $20,400 in liabilities.

    <p>True</p> Signup and view all the answers

    Match the following information about Joe Smith with the correct details: (Credit Report Example)

    <p>Date of Birth = 7-20-75 Current Address = 243 East Dove Ave, Santa Fe, CA 92700 Previous Address = 101 Quincy Street, Long Beach CA 92675 Employer = Unitrade, Long Beach CA 92675</p> Signup and view all the answers

    Match the following credit account information with the correct details: (Credit Report Example)

    <p>Walmart Account = Opened 7/97, Balance Due $2900 Visa Account = Opened 1/98, Good Standing Target Account = Opened 7/12, -30 days past due Student Loan Account = Opened 9/07, Good Standing</p> Signup and view all the answers

    Match the following entities with the reason they are mentioned in Joe Smith's credit report: (Credit Report Example)

    <p>Suntrust Properties = Requested Joe's credit file in 2/15 Mastercard = Requested Joe's credit file in 4/14 City of Long Beach = Location where Bankruptcy was filed Checking Account = Opened on 02/2004 but closed on 2014 for reasons of non-sufficient funds</p> Signup and view all the answers

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