Saturday July 29, 2017

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Take the Quick Credit Quiz
Posted by CreditLearningCenter.com

Take the Credit Quiz!

How much do you know about your credit?
Your credit report, and credit score are the financial pictures you present of yourself to lenders they rely heavily on this "credit snapshot" when making their decision.
Take a few moments to test yourself with the following True or False questions: (The answers appear below)
  1. Checking your own credit report will lower your credit score. True or False?
  2. Closing old accounts can help your credit score.
    True or False?
  3. Paying off the balances on your credit cards each month positively affects your credit score.
    True or False?
  4. Paying off installment credit accounts early will improve your credit score.
    True or False?
  5. Your age, income, and gender have no effect on your credit score.
    True or False?
  6. If you dispute negative information on your credit report, even if it's true, it will be removed from your credit report.
    True or False?
  7. Credit card offers do not affect your credit score?
    True or False?

Answers to Credit Facts or Myths.

  1. False.
    Checking your own credit report creates what is known as a "soft" inquiry on your credit report and this does not affect your credit score.
  2. False.

    Closing old accounts could actually lower your score because it typically shortens your credit history on record. It also can lower the overall percentage of credit that is available to you.

  3. True.
    The closer you get your account balances to zero each month, the better. Lenders view it as a positive when you have plenty of unused credit available to you.
  • False.
    Typically, the longer one of your installment accounts remains in good standing, paid as promised, the higher your scores will be. This is not to say that you shouldn't consider paying off an installment account early, it is just a statement of fact that managing accounts well over the long term is what affects credit scores positively.
  • True.
    Your age, income, and gender do not affect your credit score.
  • False.
    Beware of unethical credit repair companies who promise to remove any unfavorable, although accurate, information from your credit report(s) in order to improve your score "instantly". You should check your credit reports often to make sure everything is accurate. If there is information that you believe to be inaccurate, you have the right to file a dispute form with the appropriate credit bureau, and the bureau will have 30 days to respond. This can even be done online for all three credit bureaus.
  • True.
    Unsolicited credit card offers, like those you may receive by direct mail, do not affect your credit score. Keep in mind if you elect to accept one of these "pre-approved" offers, a "hard" inquiry will typically result, and this will normally lower your credit score slightly.
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