The Ultimate Improving Your Credit Score Quiz

Staff

4 Min Quiz

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About This Quiz

You are anxious to improve your credit score, because you need to take out a big loan soon. What are your chances? Can you improve it or are you merely at the mercy of a system of numbers and figures? Figure it out by taking this quiz.

Which organizations and bodies use your credit score?

Both utility companies and landlords might use your credit score as a means to determine your credit worthiness.

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What do these three have in common: Equifax, TransUnion and Experian?

Equifax, TransUnion and Experian are credit reporting agencies that receive information about your account activity from companies you deal with.

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According to U.S. law, every 12 months you can get a free:

Every year you are entitled to get a free credit report. As for Disneyland, that you've got to pay for.

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Why did credit agencies formerly keep their method of determining credit scores secret?

In the old days, credit agencies were concerned that people might try to manipulate their scores if they knew how they were derived.

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Of all the criteria used to calculate your FICO score, what part carries the most weight?

Your payment history is a full 35% of the calculation of your FICO score.

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If you pay your bills on time, can you expect a low or a high credit score?

If you're prompt about payment due dates, you're in good standing. It'll give you a high credit score, for sure.

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Which of these will hurt your credit score more: a current debt or an old debt?

A current debt will give you more grief than an old one.

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Could reporting agencies make mistakes?

Oh boy, could they ever! It may not happen too often, but especially if you have a name like John Smith, they could err.

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A few lenders have been checking up on your FICO score in the last couple of weeks. These are called:

They're called hard enquiries, and they require your permission first.

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What is the purpose of the new grading system, FICO 08?

The new grading system, FICO 08, is designed to better predict the chances of defaulting.

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