Credit Scores Quiz

What is a credit score?

• A measure of your income

• A measure of your financial health

• A measure of your spending habits

• A measure of your savings

Which of the following is considered a good credit score range?

• 300-499

• 500-599

• 600-699

• 700-850

What is the primary factor that affects your credit score?

• The amount of money in your savings account

• Your payment history

• The number of credit cards you have

• Your annual income

How often can you get a free credit report from each of the three major credit bureaus?

• Once a month

• Once a year

• Once every six months

• Once every two years

Which of the following actions can negatively impact your credit score?

• Paying off a loan early

• Applying for multiple credit cards in a short period

• Checking your own credit report

• Having a mix of credit types

What is the typical range for credit scores in the United States?

• 100-500

• 300-850

• 400-900

• 200-800

Which of the following is NOT a major credit bureau?

• Equifax

• TransUnion

• Experian

• FICO

How long do negative items, such as late payments, typically stay on your credit report?

• 1 year

• 3 years

• 7 years

• 10 years

What is the impact of closing a credit card account on your credit score?

• It always improves your credit score

• It has no impact on your credit score

• It can potentially lower your credit score

• It always lowers your credit score

Which of the following is a benefit of having a high credit score?

• Higher interest rates on loans

• Easier approval for rental applications

• More frequent credit report checks by lenders

• Increased likelihood of credit card fraud