Personal Finance, Ch. 4, Sec. 3

Which of the following is not a factor in determining a FICO score?

• Using credit cards

• Taking out a mortgage on a house

• Getting a personal loan from a bank

• Paying cash for all purchases

What factors affect a credit score? Choose all correct answers.

• New debt

• Type of debt

• Duration of debt

• Your checking account balance

If you do not have a FICO score, what factors will determine whether or not you qualify for a mortgage? Choose all correct answers.

• Amount of your down payment and employment history

• History of rentals and utility payments

• You cannot get a mortgage without a credit history

• The length of your hair.

A credit score is intended to measure:

• Your financial success

• The amount of money you have in the bank

• The risk of your not repaying debt

• Your income level

You need to take out a credit card or car loan to "build up your credit score."

• True

• False

FICO stands for:

• Fair Isaac Corporation

• Fair Isaac Newton

• Fair Isaac Company

• Fair Investment Corporation

The only thing measured in a FICO score is:

• Height

• Weight

• Debt

• Responsibility

Consumer reporting agencies or credit reporting agencies are also called

• Credit cards

• Credit cookies

• Credit checks

• Credit bureaus

Two major credit scoring systems are

• FICO and Advantage Score

• FICO and Vantage Score

• FIDO and Vantage Score

• FICO and Darth Vantage

Does the FICO score measure wealth or how well you manage money?

• Yes

• No