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The Ultimate Improving Your Credit Score Quiz
by Staff
You are anxious to improve your credit score, because you need to take out a big loan soon. What are your chances? Can you improve it or are you merely at the mercy of a system of numbers and figures? Figure it out by taking this quiz.

Which organizations and bodies use your credit score?

  • civil rights organizations and political parties
  • utility companies and landlords
  • family planning organizations and private health funds

What do these three have in common: Equifax, TransUnion and Experian?

  • They're all credit card companies.
  • They're all national banks.
  • They're all credit reporting agencies.

According to U.S. law, every 12 months you can get a free:

  • bank statement
  • credit report
  • ticket to Disneyland

Why did credit agencies formerly keep their method of determining credit scores secret?

  • because it was supposed to be a surprise
  • because they didn't want people to manipulate their own scores
  • because they thought it would be too hard for the average person to follow

Of all the criteria used to calculate your FICO score, what part carries the most weight?

  • types of credit
  • debt
  • payment history

If you pay your bills on time, can you expect a low or a high credit score?

  • no difference to your score whatsoever
  • a low one
  • a high one

Which of these will hurt your credit score more: a current debt or an old debt?

  • a current debt
  • an old debt from five years ago
  • an old debt from fifteen years ago

Could reporting agencies make mistakes?

  • yes, especially if you have a common name
  • no, it's all computerized anyway
  • no, their calculations are always checked methodically

A few lenders have been checking up on your FICO score in the last couple of weeks. These are called:

  • heavy enquiries
  • soft enquiries
  • hard enquiries

What is the purpose of the new grading system, FICO 08?

  • to improve people's FICO scores
  • to better predict the likelihood of someone defaulting on a loan
  • to allow more people to take out bigger loans