Credit Score Improvement Quiz

What is the range of FICO credit scores?

• 200 to 900

• 300 to 850

• 400 to 800

• 500 to 950

What is the minimum credit score needed to get the best interest rates on a loan?

• 850

• 760

• 700

• 800

What percentage of your credit score is determined by your payment history?

• 30%

• 40%

• 35%

• 25%

What should you do if you find a mistake on your credit report?

• Send a 609 letter to the credit bureaus

• Ignore it

• Wait for it to resolve itself

• Call the police

What is the ideal credit utilization ratio to maintain?

• Less than 30%

• Less than 20%

• Less than 10%

• Less than 40%

What is a quick way to improve your credit score related to credit utilization?

• Increase your spending limit

• Close unused credit cards

• Pay your balance after the statement is generated

• Pay your balance before the statement is generated

How much of your credit score is influenced by the length of your credit history?

• 10%

• 25%

• 15%

• 20%

What is a way to quickly build credit history without waiting?

• Become an authorized user on a relative's credit card

• Open multiple new credit cards

• Apply for a mortgage

• Take out a personal loan

What percentage of your credit score is determined by the variety of credit you have used?

• 20%

• 15%

• 10%

• 5%

What is the effect of having more than 20 credit accounts?

• It guarantees a perfect credit score

• It has a small effect on your credit score

• It significantly lowers your credit score

• It is not recommended