Ever wonder how a bank or other lender decides if you’re a safe bet to hand out some money?
You’re about to find out. Take the quiz to see what impact this number can have on your financial future.
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What is a credit score?
A credit score is a rating of a person’s credit-worthiness determined by a financial reporting company. It tells banks and other lenders whether or not the person is likely to pay back money they lent.
Which of the following is a considered a good credit score?
Between 650 and 850. The higher the score, the better. Most people’s score ranges between 600 and 700.
What effect does your credit score have on your finances?
All of the above. Your credit score determines if a company will lend a person money, how much and at what interest rate. It can also have an influence on smaller financial issues. For example, if a cell phone company will require a person to pre-pay or sign a monthly contract for their phone.
Your credit score and FICO are the same thing.
FICO is the brand name of a company that reports on financial information, including credit scores about consumers.
Which of the following financial facts about you make up your credit score?
Though the exact formula for credit scores varies depending on the credit agency, most agencies consider a variation of elements pertaining to consumer credit, loan and repayment history.
Which of the following has the biggest influence on your credit score?
Most financial reporting companies give the most weight to a person’s payment history on money they’ve borrowed, usually about 35 percent. Thirty percent is typically based on the total amount of money they owe, 15 percent on the length of their credit history, and 10 percent for both inquiries about new credit and the types of credit a person has.
What’s the best way to maintain a good credit score?
Having a good credit score will also ensure a healthy financial forecast. By paying off your balance within a month time and by starting off with a prepaid card, maintaining a high credit becomes a lot easier.
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I think that we should learn more about this subject
Whats a credit card
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this hard why