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Understanding Credit Scores Quiz

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Questions and Answers

What is the range of FICO credit scores?

$200$ to $900$

$100$ to $1000$

$0$ to $800$

$300$ to $850$ (correct)

What factors are considered in determining a credit score?

Geographic location, marital status, race

Political affiliation, criminal record, social media activity

Number of accounts, total debt levels, repayment history (correct)

Employment history, income level, age

What do lenders use credit scores for?

To assess an individual's net worth

To evaluate creditworthiness and likelihood of loan repayment (correct)

To verify an individual's identity

To determine eligibility for employment

Which of the following is NOT one of the three major credit bureaus in the U.S.?

Moody's Signup and view all the answers

What do the three major credit bureaus primarily do?

Collect, analyze, and disburse consumer credit information Signup and view all the answers

What percentage of a credit score is based on payment history?

35% Signup and view all the answers

Which of the following can help you get a lower interest rate on a loan?

Maintaining a credit score of 700 or higher Signup and view all the answers

What is the main purpose of credit scores for lenders?

To decide whether to approve or decline a loan application Signup and view all the answers

Which of the following credit score ranges is considered excellent?

800-850 Signup and view all the answers

What percentage of a credit score is based on the amount of credit used compared to the available credit?

30% Signup and view all the answers

What is the primary function of the three major credit bureaus in the U.S.?

To report, update, and store consumers' credit histories Signup and view all the answers

What is the main advantage of having a longer credit history?

It provides more data to evaluate payment history, making it less risky. Signup and view all the answers

Which of the following credit types can contribute to a better credit mix?

Both installment and revolving credit. Signup and view all the answers

What does a lender typically view as a potential sign of credit desperation?

Too many recent applications for credit. Signup and view all the answers

If you have multiple credit cards that you don't use, what is the recommended approach?

Store the unused cards safely, and regularly check for any fraudulent activity. Signup and view all the answers

What is the primary difference between VantageScore and FICO Score?

All of the above. Signup and view all the answers

What is the recommended approach for checking on unused credit cards to prevent fraud?

Check them every six months or annually for any unauthorized charges or activity. Signup and view all the answers