Credit Score Factors Quiz

Income level does not directly affect your credit score.

A good credit score increases the likelihood of loan and credit card approvals.

Credit scores range from 300 to 850.

The Federal Reserve is not a credit reporting agency.

The Fair Credit Reporting Act (FCRA) enables free annual credit report access.

Employment history is not typically considered when calculating your credit score.

Closing credit card accounts can negatively impact your credit score.

A record of a creditor's past debt repayment is called credit history.

You must be 18 years old to establish a credit history.

Current employment is not a factor in determining your credit score.

Timely bill payments positively impact your credit score.

Credit utilization ratio measures debt compared to credit limits.

A negative mark on your credit report is called a credit bruise.

Late payments typically remain on your credit report for 7 years.

The highest credit score possible is called an excellent score.

Utility bill debt is typically not included in credit reports.

Credit mix is considered for FICO scores but not VantageScores.

30% of your FICO score is determined by payment history.

A person who cosigns a loan but isn't expected to pay unless the borrower defaults is a guarantor.

Applying for new credit cards can negatively impact your credit score in the short term.

Checking your credit report does not impact your score, even if done frequently.

Payment history has the most significant impact on your credit score.

The primary purpose of a credit score is to predict default likelihood.

Hard inquiries can negatively impact your credit score.

Moving debt from one card to another for lower interest is called a balance transfer.