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Understanding Credit Scores and Borrowing Potential Quiz

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Understanding Credit Scores and Borrowing Potential Quiz

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Questions and Answers

What is the highest possible FICO credit score?

800

950

850 (correct)

900

Which factor accounts for the largest portion of your FICO credit score?

Payment history (correct)

Amount owed

Credit mix

Length of credit history

If your credit score is below 700, what is the likely consequence?

You will be considered a great borrower

Your credit history will be erased

You will be denied credit

You will pay more for a loan (correct)

How often should you obtain a copy of your credit report?

Once a year (D) Signup and view all the answers

Which of the following is NOT a recommended credit card tip?

Keep balances high on credit cards (C) Signup and view all the answers

Where should you go to request a free credit report?

<a href="http://www.annualcreditreport.com">www.annualcreditreport.com</a> (A) Signup and view all the answers

What percentage of your FICO credit score is based on new credit and the number of times you ask for credit?

10% (C) Signup and view all the answers

Which of the following is NOT a factor that determines your FICO credit score?

Type of employment (B) Signup and view all the answers

What is the recommended frequency to obtain a copy of your credit report?

Once a year (B) Signup and view all the answers

Which part of your credit history has the second-largest impact on your FICO credit score?

Amount owed (C) Signup and view all the answers

What is the range for FICO credit scores?

300 - 850 (C) Signup and view all the answers

Which action can negatively impact your credit score?

Holding too many unused credit cards (A) Signup and view all the answers