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Questions and Answers

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

Low risk

High risk (correct)

No risk

Moderate risk

What are three ways you can boost your credit score?

Pay bills late, keep credit card balances high, apply for new credit accounts frequently

Pay bills on time, keep credit card balances low, apply for new credit accounts only when needed (correct)

Apply for new credit accounts frequently, keep balances high on credit cards, make late payments

Keep credit card balances high, make late payments, open new credit accounts frequently

What are four benefits of having good credit?

Higher interest rates, slower credit approvals, lower deposits required by utilities, insurance approvals

Lower interest rates, faster credit approvals, higher deposits required by utilities, insurance rejections

Lower interest rates, faster credit approvals, lower deposits required by utilities, insurance approvals (correct)

Higher interest rates, slower credit approvals, higher deposits required by utilities, insurance rejections

If your credit score is above 700, what type of credit risk are you considered?

Low risk Signup and view all the answers

To raise your credit score by 50 points, what action could you take?

Pay down credit balance Signup and view all the answers

To raise your credit score by 80 points, what action could you take?

Pay off accounts Signup and view all the answers

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

Pay all overdue payments and keep loan current Signup and view all the answers

What is the general range for credit scores?

300-850 Signup and view all the answers

What is the recommended approach for applying for new credit accounts?

Apply for new credit accounts only when needed Signup and view all the answers

How long should you pay your bills on time to improve your credit score?

Six months Signup and view all the answers