Take Our Credit Quiz

Scroll down for the answers


1) A "prime" credit score (one that gets you the BEST interest rates) is considered by most lenders to be above:

A) 580
B) 708
C) 740
D) 620

2. If you have a credit score of 750 and you have a new 30 day late payment, or new collection, or a new Judgment or Tax Lien that starts reporting on your credit report, how many points could your credit score possibly drop?

A) 0 to 20
B) 30 to 50
C) 60 to 80
D) 100

3. Closing a credit card with a good payment history can lower your credit scores:

A) True
B) False

4. What percentage of credit reports do you think have errors or inaccuracies?

A) 10%
B) 50%
C) 80%
D) 100%

5. The credit scores that you obtain online are true FICO scores:

A) True
B) False

6. Maintaining high balances on your credit cards will boost your credit scores:

A) True
B) False

7. Negative items can remain on your credit reports and continue to have a negative impact on your credit scores - even after being paid - for:

A) 5 Years
B) 7 Years
C) 10 Years
D) 15 Years

8. It will help your credit scores if you double up on your payments and pay off your auto loans, personal loans or student loans early:

A) True
B) False

9) If you co-sign on a loan and a payment goes 30 days past due... it will hurt your credit scores:

A) True
B) False

10) Inquiries contribute how much to your credit scores?

A) 10%
B) 30%
C) 50%
D) 70%

11) A collection account can remain on your credit report even after it has been paid?

A) True
B) False

12) A unpaid Tax Lien will remain on the credit report for 10 years:

A) True
B) False

13) Checking your credit scores on line will hurt your credit scores?

A) True
B) False

14) A paid Judgment can remain on your credit report 7 years from the date it was filed?

A) True
B) False

15) Paying an old collection account can lower your credit scores?

A) True
B) False

16) Closing your credit cards will improve your credit scores?

A) True
B) False

17) Good credit scores require carrying a small balance on credit cards?

A) True
B) False

18) Applying for several department store credit cards will hurt your credit scores?

A) True
B) False

19) Shopping around for a home or auto loan and having your credit pull numerous times within a 30 day period will hurt your credit scores?

A) True
B) False

20) A Chapter 7 Bankruptcy can remain on the credit report for?

A) 3 years
B) 5 years
C) 7 years
D) None of the Above

21) A paid Tax Lien can remain on the credit report for 7 years from the date it was paid?

A) True
B) False

22) A merged file is when another consumer's information appears on your credit report?

A) True
B) False

23) A dismissed Bankruptcy does not impact your credit score at all?

A) True
B) False

24) Once a Judgment is filed, you cannot settle on the balance?

A) True
B) False

25) You will receive more points on your credit scores if you pay a collection in full rather than settle for a lesser amount?

A) True
B) False

26) All creditors are required to reported consumer credit information to all 3 credit reporting agencies?

A) True
B) False

27) Secured loans are easier to qualify for than unsecured loans?

A) True
B) False

 

 

Scroll down for the Answers!

 

 

 

1) C (740)
2) D (100)
3) A
4) C (80%)
5) B
6) B
7) B (7 years)
8) B
9) A
10) A (10%)
11) A
12) B
13) B
14) A
15) A
16) B
17) B
18) A
19) B
20) D (10 years)
21) A
22) A
23) B
24) B
25) B
26) B
27) A