QUIZ: How Well Do You Understand Your Credit Score?

Personal credit is first established when you register for a Social Security Number.

1. Personal credit is first established when you register for a Social Security Number.

There are three major credit reporting bureaus.

Your credit score is calculated based on a variety of personal information, like your net worth, gender and ethnicity.

Your credit score is calculated based on a variety of personal information, like your net worth, gender and ethnicity

Hard inquiries stay on your credit report for three years, and soft inquiries stay on your report for one year.

Hard inquiries stay on your credit report for three years, and soft inquiries stay on your report for one year

Income is one of the main factors that determines a credit score.

You know where to check all of your credit scores from the major bureaus.

You know where to check all of your credit scores from the major bureaus

Your credit score should be exactly the same across all reporting agencies.

Your credit score should be exactly the same across all reporting agencies

In general, the higher your credit score, the more interest you’ll usually pay on things like car, home and personal loans.

A “near prime” or “fair” credit score ranges roughly from:

A “near prime” or “fair” credit score ranges roughly from

Closing a revolving credit account can help you boost your score.

Which of the following has the greatest impact on your credit score?

Which of the following has the greatest impact on your credit score

Your credit report can sometimes be used in non-financial situations, like when you apply for a job.

Your credit report can sometimes be used in non-financial situations, like when you apply for a job

How Well Do You Understand Your Credit Score?
You’re a Credit Expert!
You’re on the Right Track
Let's Learn More About Credit Basics

Was this helpful?


Written by:

Barbara Davidson

Babs is a Senior Content Writer and financial guru. She loves exploring fresh ways to save more and enjoy life on a budget! When she’s not writing, you’ll find her binge-watching musicals, reading in the (sporadic) Chicago sunshine and discovering great new places to eat. Accio, tacos! 

Back to Top