QUIZ: How Well Do You Understand Your Credit Score?
Credit Score
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By: Barbara Davidson
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.
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.
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:
Closing a revolving credit account can help you boost your 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.
How Well Do You Understand Your Credit Score?
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