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:
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
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:
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