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The Power of a Good Credit Score

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Questions and Answers

Which of the following is NOT a benefit of having a good credit score?

Qualify for great credit card deals

Get a job (correct)

Lock in utility services

Receive better car insurance rates

What is a credit report?

A calculated score that summarizes credit report information

A document that identifies you

A summary of your borrowing activity

A report card on how well you manage your finances (correct)

Who uses credit reports and credit scores?

Banks and lenders only

Insurance companies and landlords only

Potential employers only

All of the above (correct)

Which of the following is a hard inquiry?

Applying for a loan Signup and view all the answers

What is a soft inquiry?

Checking your own credit score Signup and view all the answers

What is a credit score?

A three-digit number indicating your creditworthiness Signup and view all the answers

What is the range of FICO scores?

300 - 850 Signup and view all the answers

Which of the following information may be included in your credit report?

Previous addresses and employment information Signup and view all the answers

What are credit inquiries?

Instances when you apply for credit, whether approved or not Signup and view all the answers

How long do closed accounts stay on your credit report?

Up to seven years Signup and view all the answers

What is the difference between hard inquiries and soft inquiries on your credit report?

Hard inquiries have a negative impact on your credit score, while soft inquiries do not Signup and view all the answers