Test Your Credit Score Know-How

Many people are confused when it comes to their credit scores. I know I’ve posted a pie chart demonstrating what constitutes the FICO score, but there is so much more to the credit score.  Take the quz below and find out how well you know the system. Answer the questions in the comments section. I will provide an explanation of each question as well as provide individual feedback next Monday.

Which one of the following affects your credit score?

a. Your income
b. Length of residence
c. Number of open credit cards
d. Length of employment
e. Your personality

You will be reported late on a credit card payment if you do not pay your bill within:

a. 5 days
b. 10 days
c. 15 days
d. 20 days
e. 30 days

Most lenders view credit counseling as a Chapter 13 bankruptcy.

a. True
b. False

As you shop for a mortgage you are bound to have multiple credit inquiries. Your score will not drop significantly as long as the credit inquires are within:

a. 10 days
b. 30 days
c. 45 days
d. 60 days
e. 90 days

Which one of the following is not part of the scoring model?

a. Payment history
b. Length of credit
c. Mix of credit
d. Credit capacity (how much you owe vs. how much is available to you)
e. Number of authorized users

E-mail me your answers if you’re dying to know how you did.

This site is for informational purposes only. It is not sponsored or in any way affiliated with the government. If you are in need of a mortgage loan, consult with a licensed mortgage professional. All fair housing and equal housing opportunity laws apply when applying for a mortgage or buying a home. Copyright 2012.