Practice: Understanding your credit score

6 questions on what you just watched. 4 right is a pass, nothing is timed, and your best score is kept in this browser only.

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6 questions. 4 right is a pass, and your best score is kept in this browser.

1. The largest factor in a credit score is…IncomeThe number of cards you ownYour agePayment history

2. Utilization is…The number of inquiries in a yearTotal debt divided by incomeBalance divided by credit limit, measured when the statement closesInterest rate divided by the prime rate

3. Checking your own credit score…Is illegal without a loan applicationIs a soft inquiry and does not affect your scoreCosts five points each timeRequires a lender's permission

4. Closing your oldest credit card usually…Shortens your history and lowers available credit, which can hurtRaises your score by simplifying thingsHas no effect at allRemoves the balance from your report

5. You pay the card in full on the 3rd; the statement closes on the 28th. Utilization is reported as…Zero, because you paid in fullYour highest balance of the monthYour income divided by your limitWhatever balance is on the statement when it closes

6. Which of these is a hard inquiry?Paying your bill earlyDisputing an error on your reportApplying for a new credit cardChecking your own score in an app

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