Spring 2025 Pre/Post Test Personal Finance

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Why is having a good credit score important?

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It helps you get better loan terms.

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What is considered a good credit score according to FICO?

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670-739

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Which factor makes up the largest percentage of your FICO credit score? Options: Payment history, Credit mix, Length of credit history, Recent credit inquiries

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Payment history

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What is one benefit of having a good credit score?

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Easier credit approval

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How can you maintain a good credit score?

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Pay bills on time

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What does a credit utilization ratio reflect?

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How much of your available credit you are using

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What is one way to improve your credit score?

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Dispute errors on your credit report

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What is the impact of having a credit score over 670?

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You have good credit

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What is the highest possible FICO credit score?

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850

Front

Which factor has the largest impact on your FICO credit score? Options: Length of credit history, Payment history, New credit, Credit mix

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Payment history