How Credit Savvy Are You?

9 Questions

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How Credit Savvy Are You?


Questions and Answers
  • 1. 
    Is paying off your credit accounts and closing them, increases your credit score true or false?
    • A. 

      True

    • B. 

      False

  • 2. 
    And here's a tricky one:  Do your credit inquiries lower your credit score?
    • A. 

      Yes, they do

    • B. 

      No, they don't

    • C. 

      It depends on the type of inquiry

  • 3. 
    In sticky situations such as foreclosures or bankruptcies, you cannot buy a home for seven years.  Is this true?
    • A. 

      Unfortunately, it is

    • B. 

      Luckily, it's not

  • 4. 
    The rumor has it that credit scores need to be 700 and above to get a fair interest rate and a loan approval.  What do you thing about that?
    • A. 

      That's just the way it is

    • B. 

      Nope, that isn't correct

  • 5. 
    Can you raise your credit score 100 pints in 90 days or less?
    • A. 

      Of course, why couldn't I?

    • B. 

      No, how could I?

  • 6. 
    Lenders use your Vantage Score or FICA Score for home loans?
    • A. 

      Both

    • B. 

      None of the above

    • C. 

      FICA Score of course

    • D. 

      They prefer Vantage Score

  • 7. 
    We think you'll get the answer right on this one: Can paying your rent on time help your credit score?
    • A. 

      I wish but no, only a mortgage payment helps

    • B. 

      Sure, why not?

    • C. 

      Option 3

    • D. 

      Option 4

  • 8. 
    Credit reports can be obtained for free every quarter.  Is this True or False?
    • A. 

      True

    • B. 

      False

  • 9. 
    Can you believe that in 2013, the Federal Trade Commission study found there were mistakes on credit reports for every?
    • A. 

      1 out of 10

    • B. 

      1 out of 8

    • C. 

      1 out of 6

    • D. 

      1 out of 5