What is a credit score?

What is a credit score a measure of?

• Your income level

• How well you have handled money you’ve borrowed

• Your employment history

• The number of credit cards you own

What is another name for a credit score?

• FICO score

• Credit limit

• Interest rate

• Loan term

Which category has the highest impact on a person's credit score?

• Types of Credit

• Credit Inquiries

• Payment History

• Length of Credit History

What percentage of your credit score is influenced by the total amount you owe?

• 10%

• 15%

• 30%

• 35%

Why is a longer credit history beneficial for your credit score?

• It shows you have more credit cards

• It indicates you have more debt

• It demonstrates a longer track record of credit management

• It means you have a higher income

What does a lot of credit inquiries indicate?

• You have a high income

• You may be applying for many new credit accounts or loans

• You have a good credit score

• You have a long credit history

Which of the following is included in the "Types of Credit in Use" category?

• Payment history

• Student loans

• Credit inquiries

• Total amount owed

What is the purpose of a credit score for lenders?

• To determine your age

• To assess your creditworthiness and probability of repaying debts

• To calculate your annual income

• To evaluate your educational background

What is the impact of late payments on your credit score?

• They have no impact

• They positively affect your score

• They negatively affect your score

• They double your credit limit

What is the ideal percentage of credit usage recommended?

• 10%

• 20%

• 30%

• 40%