Mastering Credit 103

What is considered a 'bad' credit score range?

• 300-579

• 800-850

• 580-669

• 670-799

Which credit score range is classified as 'excellent'?

• 670-799

• 580-669

• 800-850

• 300-579

What are the three main categories of credit scores?

• Subprime, Prime, Super Prime

• Poor, Fair, Good

• Low, Medium, High

• Basic, Advanced, Expert

What is the approval rate for super prime credit scores when applying for a credit card?

• 84%

• 50%

• 19%

• 100%

Which factor makes up 35% of your credit score?

• New Credit

• Credit Utilization

• Payment History

• Length of Credit History

What is the most influential factor in determining your credit score?

• Credit Mix

• Credit Utilization

• New Credit

• Payment History

How long does a late payment stay on your credit report?

• 7 years

• 5 years

• 3 years

• 1 year

What is credit utilization?

• The mix of different types of credit accounts

• The percentage of available credit you are using

• The length of your credit history

• The amount of new credit you have

What is considered an excellent credit utilization rate?

• 31-60%

• 11-30%

• 0-10%

• 61-100%

Why should you keep unused credit cards open?

• To increase your payment history

• To avoid hard inquiries

• To lower your credit utilization

• To increase your credit mix