Guess my credit score

Guess My Credit Score

Questions and answers came from www.ngpf.org

Guess My Credit Score

In this activity, you will go through various scenarios and guess what your ending credit score would be. Then, you’ll see how far your guess is from the correct answer and understand how different actions can decrease or increase your credit score.

Set Up

For each of the scenarios, you are a credit newbie. 

You will always be starting with a credit score of 599 at the start of each scenario.

Multiple Choice

Oh no! You missed a credit card payment!

What’s your new credit score?

• 420-429

• 440-449

• 460-469

• 480-489

• 500-509

Explanation:

Your score sank 131 points. As someone who is new to credit, you have the most to lose from a missed payment. This mistake will move you from Fair to Poor and make future credit more costly or more difficult to obtain.

Multiple Choice

You missed your car payment.

What’s your new credit score?

• 420-429

• 440-449

• 460-469

• 480-489

• 500-509

Explanation:

You'll lose 117 points for missing that auto payment. You just don't have enough of a record of consistent payments to counterbalance this loss.

Multiple Choice

Your unpaid credit card balance was charged off and sent to collections!

What’s your new credit score?

• 300-319

• 320-339

• 340-359

• 360-379

• 380-399

Explanation:

You've lost 224 points. A credit card in collections means your credit score is now in the high-300s.

Multiple Choice

You filed for bankruptcy!

What’s your new credit score?

• 300-319

• 320-339

• 340-359

• 360-379

• 380-399

Explanation:

Say goodbye to 257 points. That is the biggest blunder you can make in this game.

Multiple Choice

You paid down your credit card to 10% of its limit.

What’s your new credit score?

• 600-624

• 625-649

• 650-674

• 675-699

• 700-725

Explanation:

That move earned you 96 points, a major gain and it pushed you close to a new credit tier. Keep that credit utilization rate to 30% or lower.

Multiple Choice

You paid off your credit card and closed it.

What’s your new credit score?

• 600-624

• 625-649

• 650-674

• 675-699

• 700-724

Explanation:

Had you paid off the card and kept it open, your score would have risen by 103 points. But closing your only credit card hurts your mix of credit and available credit. So you only gain 10 points.

Multiple Choice

You opened a new credit card account.

What’s your new credit score?

• 600-624

• 625-649

• 650-674

• 675-699

• 700-724

Explanation:

It would help to have a new credit card, at this stage in your credit evolution. First, it increases your credit limit, which instantly lowers your credit utilization rate. It will also add a new credit account to what is otherwise seen by the credit-scoring companies as a "thin file."