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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

Lock in utility services

Improve chances of landing an apartment (correct)

Receive better car insurance rates

What is a credit report?

A summary of your borrowing activity

A document that contains your personal information (correct)

A calculated score that summarizes credit report information

A report card on how well you manage your finances

Who uses credit reports and credit scores?

Only potential employers

Only banks and lenders

Only insurance companies

Banks/lenders, insurance companies, landlords, and potential employers (correct)

Which type of inquiry occurs when a lender checks your credit report after you have applied for a loan, mortgage, credit card, or other type of credit?

Hard inquiry Signup and view all the answers

Which type of inquiry does not affect your credit score?

Soft inquiry Signup and view all the answers

Which credit bureau is NOT mentioned in the text?

Credit bureau Signup and view all the answers

What is the range of FICO scores used for lending decisions in the U.S.?

300 - 850 Signup and view all the answers

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

Your previous addresses and employment information Signup and view all the answers

What is the purpose of credit inquiries?

To apply for credit Signup and view all the answers

How long do closed accounts remain on your credit report?

Up to 7 years Signup and view all the answers

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

Hard inquiries involve a credit application, while soft inquiries do not Signup and view all the answers