Can You Master our Credit Score Quiz?

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How well do you know your credit score? Do you know what factors make up your credit score? Do you know how to improve your credit score?

The truth is, our credit score has a huge effect on numerous parts of our finances. Want to get a good rate on your mortgage? You need a good credit score. Hoping to get approved for an auto loan? You need a good credit score.

Test your credit score knowledge with our Credit Score Quiz, then see how you can apply some of your new-found knowledge to your own life.

While out shopping you open several store credit card accounts to get the discounts the offer on your first purchase. However, you’ve chipping away at your credit score each time you open an account.

  1. True
  2. False

As you approach your wedding day you find out your significant other’s credit score is 150 points below yours. Once you are married, their lower score will pull yours down.

  1. True
  2. False

Closing the credit card account you’ve had the longest will lower the average of your credit accounts. This will lower your score.

  1. True
  2. False

You’ve let library fines accumulate over time, which not only will hurt your wallet, but also your credit score.

  1. True
  2. False

You’re looking for a mortgage for your new home. Five different lenders make inquiries for your credit score within a month of each other, which will pull your credit score down.

  1. True
  2. False

Checking your own credit score has no effect on it.

  1. True
  2. False

You’ve just charged a new washing machine and dryer to your store credit card, but lucky you, you don’t have to make payments for six months. Your credit score will be unaffected for those six months.

  1. True
  2. False

Unfortunately, you’ve been laid off from your job. This drop in income will kill your credit score.

  1. True
  2. False

Your home equity line of credit limit has been reduced. This means you are using a higher percentage of your available credit, which is not so great news for your credit score.

  1. True
  2. False

You close out three zero-balance credit card accounts to help declutter your finances. This will have a negative effect on your credit score.

  1. True
  2. False

Check your answers below. How did you do? Regardless of your score, you now know a little more about your credit score and how certain aspects affect it. This allows you to have a better grasp on how much credit you should be using in your daily life.

If you need to introduce more credit to your finances, Putnam Bank is here to help you find the best option. Simply call or come by any of our offices to get started today!

 

Putnam Bank

Member FDIC

Equal Housing Lender

 

 

Answers:

  1. True
  2. False
  3. False
  4. True
  5. False
  6. False
  7. False
  8. False
  9. False
  10. True