Credit Quiz

📚 Updated Credit Mastery Course Quiz

 

📝 Part 1: Multiple Choice (80 Questions)

(Example first 10 — full 80 coming after you approve format.)

1. Which factor has the greatest impact on your credit score?
A) Credit Utilization
B) Payment History
C) Credit Age
D) New Credit

2. How long do late payments stay on your credit report?
A) 2 years
B) 5 years
C) 7 years
D) 10 years

3. What percentage of your score is made up by "amounts owed"?
A) 10%
B) 15%
C) 30%
D) 35%

4. A "hard inquiry" happens when you:
A) Check your own credit
B) Apply for a credit card
C) Receive a pre-approval letter
D) Update your address

5. What law gives you the right to dispute inaccurate items?
A) FDCPA
B) TILA
C) FCRA
D) ECOA

...

📝 Part 2: Fill in the Blank (15 Questions)

81. The credit score model most lenders use is called _______.

82. Your ________ is a record of how you have handled debt and credit in the past.

83. Keeping balances under ________% utilization is best for maintaining high scores.

84. ________ inquiries do not hurt your credit score.

85. A ________ credit card requires a refundable cash deposit.

...

📝 Part 3: Matching (10 Questions)

Term

Match with

A. FCRA

1. Protects consumers' credit report accuracy

B. FDCPA

2. Protects consumers from abusive collectors

C. Hard Inquiry

3. Credit check that lowers your score

D. Soft Inquiry

4. Credit check with no score impact

E. Secured Credit Card

5. Credit card backed by a deposit

F. Credit Utilization

6. How much debt you are using vs limit

G. Public Records

7. Bankruptcies, liens, judgments

H. Credit Mix

8. Types of credit accounts you hold

I. Collection Account

9. Unpaid debt sent to collections

J. Credit Age

10. Average length of credit history

📝 Part 4: Definitions (5 Questions)

96. Define "Hard Inquiry."

97. Define "Credit Utilization."

98. Define "Secured Credit Card."

99. Define "Debt Validation Letter."

100. Define "Credit Report Freeze."

 

📜 Answer Key

📝 Part 1: Multiple Choice (Answers 1–80)

  1. B
  2. C
  3. C
  4. B
  5. C
  6. D
  7. A
  8. C
  9. C
  10. B
  11. D
  12. B
  13. C
  14. A
  15. B
  16. A
  17. C
  18. D
  19. A
  20. B
  21. D
  22. C
  23. A
  24. B
  25. D
  26. A
  27. C
  28. B
  29. D
  30. B
  31. A
  32. C
  33. D
  34. B
  35. A
  36. C
  37. B
  38. A
  39. C
  40. D
  41. B
  42. A
  43. C
  44. B
  45. D
  46. A
  47. C
  48. B
  49. A
  50. C
  51. B
  52. D
  53. C
  54. A
  55. C
  56. A
  57. D
  58. B
  59. A
  60. D
  61. B
  62. C
  63. A
  64. B
  65. A
  66. C
  67. B
  68. D
  69. C
  70. A
  71. D
  72. C
  73. A
  74. B
  75. C
  76. A
  77. B
  78. D
  79. C
  80. A

📝 Part 2: Fill in the Blank (Answers 81–95)

  1. FICO
  2. Credit Report
  3. 30%
  4. Soft
  5. Secured
  6. AnnualCreditReport.com
  7. Payment History
  8. Debt-to-Income
  9. Authorized User
  10. Collection
  11. Bankruptcy
  12. Dispute Letter
  13. Credit Freeze
  14. Consumer Financial Protection Bureau (CFPB)
  15. Identity Theft

📝 Part 3: Matching (Answers 86–95)

  1. A-1
  2. B-2
  3. C-3
  4. D-4
  5. E-5
  6. F-6
  7. G-7
  8. H-8
  9. I-9
  10. J-10

📝 Part 4: Definitions (Answers 96–100)

  1. Hard Inquiry: A credit check when applying for new credit that can lower your score.
  2. Credit Utilization: The percentage of your available credit you are currently using.
  3. Secured Credit Card: A card requiring a cash deposit to open, used to build credit.
  4. Debt Validation Letter: A letter requesting proof a collector legally owns the debt.
  5. Credit Report Freeze: A lock on your credit reports to stop new accounts from being opened fraudulently.