FICO Score

What does FICO use to determine your credit score?

• Statistics and algorithms

• Interviews with family members and friends

• Your bank records

What does your credit score determine? Check all that apply:

• your value as a person

• your eligibility for loans

• the interest rate you will pay on loans

• your eligibility for a savings account

How long are late payments held against you? 

How long are bankruptcies held against you? 

• 5 years

  7 years

• 7 years

  10 years

• 3 years

  5 years

• a lifetime

What should your "debt to credit limit ratio" be?

 

• less than 10%

• less than 50%

• no more than 70%

Is it better to max out a single card or spread debt over multiple cards?

• Max out one card

• Spread out debt over multiple cards

It is best to have different types of debt.

• True

• False

What does your credit affect?

Choose all that apply:

• Rent an apartment

• Obtain Credit

• Adopting a Pet

• Employment

• Car loans, insurance rates and interest rates

How will a good credit score save you money?

• You pay fewer taxes

• You may receive a lower interest rate, saving you money over the long run.

• Your boss will give you a raise.

• You pay less in rent.

How many free credit reports can your request each year?

• 6 total, 2 from each of the 3 Credit Reporting Bureaus.

• 1 each year from only one of the Credit Bureaus

• 3 total, 1 from each of the 3 Credit Reporting Bureaus

• None. You must pay a fee for every credit report you obtain.