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Questions and Answers
Which of the following is NOT a benefit of having a good credit score?
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?
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?
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?
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?
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Which type of inquiry does not affect your credit score?
Which type of inquiry does not affect your credit score?
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Which credit bureau is NOT mentioned in the text?
Which credit bureau is NOT mentioned in the text?
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What is the range of FICO scores used for lending decisions in the U.S.?
What is the range of FICO scores used for lending decisions in the U.S.?
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Which of the following information may be included in your credit report?
Which of the following information may be included in your credit report?
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What is the purpose of credit inquiries?
What is the purpose of credit inquiries?
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How long do closed accounts remain on your credit report?
How long do closed accounts remain on your credit report?
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What is the difference between hard and soft inquiries on your credit report?
What is the difference between hard and soft inquiries on your credit report?
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