Credit Scores and Reports Questions
and Answers Already Passed
What is the purpose of a credit score?
a) To evaluate how much money you have in the bank
✔✔b) To measure how likely you are to repay debt
c) To determine your monthly payment amounts
d) To assess your net worth
What is the primary factor that influences a credit score?
a) Employment history
✔✔b) Payment history
c) Income level
d) Educational background
How often can you request a free credit report from each of the three major credit bureaus?
a) Once every month
✔✔b) Once every year
c) Once every two years
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,d) Once every five years
What is a common range for a FICO credit score?
✔✔a) 200 to 850
b) 500 to 1000
c) 300 to 750
d) 600 to 900
Which of the following is NOT typically included in a credit report?
a) Credit inquiries
b) Credit accounts
✔✔c) Bank account balances
d) Personal information
How does a missed payment affect your credit score?
a) It has no effect
✔✔b) It may lower your credit score
c) It improves your credit score
2
, d) It only affects your credit report, not the score
What is considered a good credit score?
a) 500 to 579
b) 580 to 669
✔✔c) 670 to 739
d) 740 to 800
Which of the following is an example of a “hard inquiry” on your credit report?
a) Checking your credit score online
✔✔b) Applying for a new credit card
c) Signing up for a credit monitoring service
d) Inquiring about a loan rate
What does it mean when someone has a “high credit utilization rate”?
a) They have a lot of open credit accounts
✔✔b) They are using a large percentage of their available credit
c) They have a low income
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and Answers Already Passed
What is the purpose of a credit score?
a) To evaluate how much money you have in the bank
✔✔b) To measure how likely you are to repay debt
c) To determine your monthly payment amounts
d) To assess your net worth
What is the primary factor that influences a credit score?
a) Employment history
✔✔b) Payment history
c) Income level
d) Educational background
How often can you request a free credit report from each of the three major credit bureaus?
a) Once every month
✔✔b) Once every year
c) Once every two years
1
,d) Once every five years
What is a common range for a FICO credit score?
✔✔a) 200 to 850
b) 500 to 1000
c) 300 to 750
d) 600 to 900
Which of the following is NOT typically included in a credit report?
a) Credit inquiries
b) Credit accounts
✔✔c) Bank account balances
d) Personal information
How does a missed payment affect your credit score?
a) It has no effect
✔✔b) It may lower your credit score
c) It improves your credit score
2
, d) It only affects your credit report, not the score
What is considered a good credit score?
a) 500 to 579
b) 580 to 669
✔✔c) 670 to 739
d) 740 to 800
Which of the following is an example of a “hard inquiry” on your credit report?
a) Checking your credit score online
✔✔b) Applying for a new credit card
c) Signing up for a credit monitoring service
d) Inquiring about a loan rate
What does it mean when someone has a “high credit utilization rate”?
a) They have a lot of open credit accounts
✔✔b) They are using a large percentage of their available credit
c) They have a low income
3
