Credit Quiz #1

A lender determines a person's creditworthiness based all of the following EXCEPT...

(choose ALL answers that apply)

• credit score

• down payment

• education

• ability to repay the debt

• age, gender, and health

Which of these factors will hurt (decrease) your credit score

(choose ALL answers that apply)

• making payment on time

• using a high percentage of your available credit

• having a short credit history

• paying off some of your existing debt

• making payments more than 30 days past due

Which of the following information is found on your credit report?

• current and previous address

• yearly gross income

• bank checking account balance

• payment history on debt

• social security number

Your _________ __________ is the maximum amount you are allowed to borrow on a credit card.

A typical FICO credit score is a 3 digit number that falls between ​ (a)   and ​ (b)  

• 300
• 850
• 350
• 500
• 800
• 750
• 400

Match the following

• 670-739

• "Poor" credit score

• 740-799

• "Exceptional" credit score

• 580-669

• "Good" credit score

• 800-850

• "Very Good" credit score

• 300-579

• "Fair credit score

There are "basic" FICO credit scores and then there are industry-specific FICO scores

• True

• False

Which of these factors can affect your credit score?

(choose ALL answers that apply)

• payment history

• credit usage

• length of credit history

• types of accounts

• recent credit activity

Match each category with the percentage used to determine your credit score

• 10%

• credit mix (types of accounts)

• 10%

• length of credit history

• 35%

• amounts owed on debt

• 15%

• payment history

• 30%

• new credit (new accounts)

Which of these factors is NOT considered when calculating your credit score

• race, age, and gender

• marital status

• payment history

• salary

• where you live