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The Power of a Good Credit Score
11 Questions
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The Power of a Good Credit Score

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@BlitheRubellite

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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?

    <p>Applying for a loan</p> Signup and view all the answers

    What is a soft inquiry?

    <p>Checking your own credit score</p> Signup and view all the answers

    What is a credit score?

    <p>A three-digit number indicating your creditworthiness</p> Signup and view all the answers

    What is the range of FICO scores?

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

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

    <p>Previous addresses and employment information</p> Signup and view all the answers

    What are credit inquiries?

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

    How long do closed accounts stay on your credit report?

    <p>Up to seven years</p> Signup and view all the answers

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

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

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