Managing Your Credit Score Quiz

Maintaining a good credit score is critical to the overall health of your personal finances and your ability to qualify for a mortgage.

Start by educating yourself about the basics of your credit score, why it matters and steps you can take to build your score.

1

Which of these factors impacts your credit score?

The main factors that make up your credit score are payment history, amounts owed, length of credit history, types of credit used, and new or recent credit.

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2

What is considered a “good” credit score?

Based on the most commonly used scoring models (FICO® and VantageScore®), a score more than 650 is considered "fair," scores more than 700 are considered "good," and scores more than 750 are considered "excellent."

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3

How long does a late payment stay on your credit file?

Late credit payments stay on your credit file for up to 7 years.

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4

True or False: Opening a store credit card from a department store or retail chain can help improve your credit profile.

True. Store cards tend to be easier to qualify for and usually have low credit limits, which makes them a good option if you are credit invisible or have damaged credit.

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5

How often can you request free credit reports?

You're entitled to receive a free copy of your credit report each year from each major credit bureau via annualcreditreport.com. 

You can also keep an eye on your credit score through free apps such as Credit Karma™, NerdWallet, WalletHub® or others. Be aware, however, that the scores shown in these apps are not the same as FICO® scores that are used by most lenders and creditors to make lending or credit decisions. Still, they are a useful way for you to review the financial activities that are affecting your credit.

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Great job! It looks like you have a solid understanding of the basics about credit.

You’re on the right track, but consider learning more about building and maintaining your credit.

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