by alex
Understanding the intricacies of credit repair can significantly impact your financial health. This quiz will challenge your knowledge on various aspects of credit repair, from interpreting credit reports to implementing effective strategies for boosting your credit score. Ready to see how much you know? Let’s get started!
Credit Repair Quiz Questions Overview
1. What is the first step in repairing your credit?
Paying off all your debts
Reviewing your credit report
Closing unused credit accounts
Increasing your credit limit
2. Which of the following factors has the most significant impact on your credit score?
Length of credit history
Types of credit used
Payment history
New credit inquiries
3. How often are you entitled to a free credit report from each of the three major credit bureaus?
Once a month
Twice a year
Once a year
Every two years
4. Which of the following is NOT a major credit bureau?
Equifax
TransUnion
Experian
Credit Karma
5. What is a ‘hard inquiry’ on your credit report?
A check by your employer
A review by your landlord
A lender’s review of your credit for a loan application
A personal check of your own credit report
6. What is the recommended credit utilization ratio to maintain a good credit score?
50%
30%
70%
90%
7. Which action can help improve your credit score?
Paying bills late
Maxing out credit cards
Keeping credit card balances low
Closing old credit accounts
8. What is the impact of closing a credit card account on your credit score?
It always improves your score
It has no impact
It can potentially lower your score
It always lowers your score
9. How long do negative items typically stay on your credit report?
2 years
5 years
7 years
10 years
10. What is a secured credit card?
A card with no credit limit
A card requiring a security deposit
A card with a high interest rate
A card only for business use
