Credit Score Quiz

Credit Score Quiz

12th Grade

10 Qs

quiz-placeholder

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Credit Score Quiz

Credit Score Quiz

Assessment

Quiz

Other

12th Grade

Medium

Created by

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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