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Are You Credit Savvy?

Are you a credit expert, a wishful thinker, or somewhere in between? Take our short quiz to find out how much you really know about credit!

Quiz Questions

  • 1.
    Which of the following does NOT make up your credit score?
    • A.
      Your payment history
    • B.
      The amounts you owe
    • C.
      Length of your credit  history
    • D.
      The amount of funds in your checking account
      (Correct Answer)
      Explanation: The amount of funds in your checking account have nothing to do with your credit score. Based on the scoring model, your payment history, the length of your credit history, the amounts you owe, the mix of credit you currently use, and the amount of new credit you have all impact your credit score.
    • E.
      Mix of credit you currently use
  • 2.
    What is one way to improve your credit score?
    • A.
      Carry large balances on your credit card
    • B.
      Pay the minimum balance on your card each month
    • C.
      Pay more than the minimum balance on your card each month
      (Correct Answer)
      Explanation: Paying your bills on time, using your credit cards responsibly, keeping your balances low, paying more than the minimum payment, and refraining from using once credit card to pay off the balance of another are all ways to improve your credit score.
    • D.
      Open several new credit accounts in a month
  • 3.
    The FICO score is used when determining whether or not to lend you credit.
    • A.
      True
      (Correct Answer)
      Explanation: The FICO credit score model is most commonly used by lenders when determining the amount of credit to lend.
    • B.
      False
  • 4.
    Which of the following is NOT a major credit bureau?
    • A.
      Credit Check
      (Correct Answer)
      Explanation: The three most commonly used credit bureaus include Equifax, Experian, and TransUnion.
    • B.
      Equifax
    • C.
      Experian
    • D.
      TransUnion
  • 5.
    When preparing to apply for a home loan, it's a great idea to purchase a car or apply for store credit cards.
    • A.
      True
    • B.
      False
      (Correct Answer)
      Explanation: New credit can have a negative impact on your credit score. Avoid opening new lines of credit when you’re preparing to apply for a mortgage loan.
  • 6.
    What score would be considered a GOOD credit score?
    • A.
      400
    • B.
      725
      (Correct Answer)
      Explanation: Based on the FICO credit score, 670 – 739 is considered a good credit score.
    • C.
      580
    • D.
      850
  • 7.
    Can checking your own credit report hurt your credit score?
    • A.
      No
      (Correct Answer)
    • B.
      Yes
  • 8.
    Even being a few days late on a payment can have a big impact on your score.
    • A.
      True
      (Correct Answer)
    • B.
      False

Quiz Outcomes

  • 1.
    0 to 2 correct:
    Wishful Thinker
    You're a wishful thinker when it comes to your credit score. You could use some work when it comes to your credit knowledge and underestimate the importance of your score.
  • 2.
    3 to 4 correct:
    You're Knowledgeable
    You're knowledgeable on the basics of credit, but it looks like you need to brush up on your facts.
  • 3.
    5 to 6 correct:
    Credit-Wise
    You're credit-wise. You understand the basics of credit knowledge and then some; however, have room to improve.
  • 4.
    7 to 8 correct:
    Credit Expert
    Congratulations! You're a credit expert. You have a comprehensive understanding of what makes up your credit score and how you can improve it.