
Credit Score Quiz
Quiz
•
Other
•
12th Grade
•
Medium
MARIA MARTINEZ
Used 1+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a FICO score?
A three-digit number that indicates a person's creditworthiness
A mathematical model used by lenders to measure a borrower's risk
A credit reporting bureau that adopted the FICO score formula
A data analytics firm that created the first industry-standard algorithm
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a high credit score indicate to a lender?
The borrower is financially responsible
The borrower lives paycheck to paycheck
The borrower has a low credit limit
The borrower has a high debt-to-credit ratio
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which factor has the largest percentage in calculating a FICO score?
Credit to debt ratio
Length of credit history
Payment history
Credit diversity
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the recommended credit to debt ratio to maintain a good score?
Under 25%
Over 75%
It doesn't matter as long as payments are made on time
Exactly 50%
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What makes up 15% of a FICO score?
Payment history
Length of credit history
New lines of credit and credit checks
Credit diversity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of credit diversity in a credit report?
To have a mix of different types of credit
To have a high number of credit cards
To have a high number of mortgages
To have a high number of installment loans
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What can be a red flag in terms of new lines of credit and credit checks?
Applying for multiple credit cards in a short period of time
Having multiple lenders check your credit score
Having insurance companies or employers check your credit score
Shopping for a car loan or mortgage
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