Do You Know What Impacts Your Credit Score?

10 Questions | Total Attempts: 63

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Do You Know What Impacts Your Credit Score?

Most of us don't have a clear picture of what impacts our credit profile, and more importantly, what steps we can take to improve it. We have published this quiz to help you test your understanding of what affects your credit score. Take this quiz to test your knowledge of how credit scores work. And, let us know how you scored. If you have any questions, give us a call at 512. 892. 9473. Brought to you by:


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Questions and Answers
  • 1. 
    To have the best credit-profile impact, what is the maximum amount of your monthly credit line that should be used?
    • A. 

      70%

    • B. 

      30%

    • C. 

      50%

  • 2. 
     What is the number-one contributing factor to a good credit score?
    • A. 

      Length of credit history

    • B. 

      Amounts you owe

    • C. 

      Payment history

  • 3. 
     If you pay 2% each month on your credit card (typical minimum payment), when will you pay off a $3,000 balance at 10% interest?
    • A. 

      18 years

    • B. 

      6 years

    • C. 

      3 years

  • 4. 
    After paying off a high-interest credit card, you should:
    • A. 

      Continue using it occasionally

    • B. 

      Close the account

    • C. 

      Use the full amount of available credit every month

  • 5. 
    Applying for credit cards in order to just receive a free sign-up gift (t-shirts, mugs, etc.) has no impact on my credit profile?
    • A. 

      True

    • B. 

      False

  • 6. 
    Rewards points on credit cards are a good deal when:
    • A. 

      I get cash back

    • B. 

      I get free airline tickets

    • C. 

      I carry no balance each month

  • 7. 
    To have a credit score, I must have at least one creditor reporting activity on my credit report for:
    • A. 

      12 months

    • B. 

      8 months

    • C. 

      6 months

  • 8. 
    Credit bureaus that manage your personal credit report data and credit scores are a:
    • A. 

      Government entity

    • B. 

      Non-profit agency

    • C. 

      Regular business corporation

  • 9. 
    Banks and credit card companies think you are creditworthy by how many credit offers you receive by mail?
    • A. 

      True

    • B. 

      False

  • 10. 
    Credit scores are used by lenders mainly to:
    • A. 

      Tell how I compare to other consumers

    • B. 

      Tell if I make my payments on time

    • C. 

      Predict the likeliness that I will repay my loan on time