quizbowl 5

What is the three-digit number used by lenders to assess your creditworthiness?​

• credit score

• karma score

• Quantum Financial Rating (QFR)

• Your CCS: Credit Compass Score

Name the two factors that influence your credit score the most.

• payment records and number of credit cards

• payment history and your age​

• credit utilization​ and spending

• payment history and credit utilization

What is the number range for a​ FICO credit score?

• 1.00 to 4.00

• 300-1000

• 300-8500

• 350-850

What type of loan requires collateral, such as a house or car, to secure borrowing?

• secured loan

• unsecured loan

• revolving credit

• mortgage

What type of loan is granted based solely on a borrower’s creditworthiness, without requiring collateral?

• secured loan

• unsecured loan

• revolving credit

• mortgage

What percentage of your available credit should you aim to use to maintain a good credit score?​

• 20%

• 30%

• 40%

• 50%

What happens to your credit score when you miss a credit card or loan payment?

• Nothing. You have to miss it more than once before you take a hit.

• It increases

• It decreases

• Information like that doesn't get reported.

What is the term for a detailed record of your credit history that’s used to calculate your credit score?

• financial fingerprint

• Financial Footprint Index (FFI)

• credit dossier

• credit report

What government-mandated website allows you to access your credit report for free once per year?​

• creditkarma.com

• experian.com

• Annualcreditreport.com

• GovernmentCredit.com

What is the term for an interest rate charged on a loan expressed as an annual percentage?

• Annual Percentage Rate​ (APR)​

• Prime Lending Rate

• Subprime Lending Rate

• Annual Borrowing Quotient (ABQ)