Quiz

Personal Finance Editor

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This quiz just might teach you something new.

Can You Pass This Tricky Credit Score Quiz?

This Credit Score Quiz Will Test Your Knowledge

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<p>As you go through this quiz, don't sweat it if you don't know the answers yet! Just make your best guess and then we'll tell you what you need to know.</p>

But if you're in the United States, one score rules them all when the time comes for you to apply for a loan, open a credit card, or rent an apartment: the FICO score. According to FICO, 90% of top lenders use their scoring model to make lending decisions. Which means that when you apply for credit or a loan, your FICO score will probably get pulled.

There are several different credit scoring systems out there.

There's only one kind of credit score, right?

Your credit score is a three digit number, usually between 300 and 850.

It's all about the numbers.

Credit scores come in several ranges: poor, fair, good, very good, and exceptional.

A "good" FICO score is between 670 and 739.

Which of these numbers is a "good" FICO credit score?

You can look at your credit score all day long without losing a single point, because when you check your own credit, it's only a "soft inquiry." However, when you apply for new loans or credit cards and financial institutions pull your credit report, this is called a "hard inquiry" — and applying for lots of new credit can hurt your score. But again, **you** can't hurt your score by taking a look.

Nope, it doesn't.

Does checking your credit score hurt your credit?

So yeah, if you go to pull your credit score and there's nothing there, that doesn't mean you're a ghost. But it could mean that you might want to look into ways to responsibly build your credit, like taking out a secured credit card.

If you've never used credit, you might not have a credit score yet.

Instead, your score is based on information on your credit report about your payment history, credit utilization, credit mix, length of credit history, and recent applications for new credit.

Your income doesn't factor into your credit score.

Which of these is NOT one of the five factors that affect your FICO  
credit score?

Closing a credit card can actually hurt your credit score, which seems like the opposite of what you might expect. Here's the thing: When you close an account, it potentially changes the average age of your accounts, your credit utilization, and your credit mix — all of which can shave precious points off your score.

Think twice before you close that account.

When you pay off a credit card, should you close the account?

As you make purchases, pay off debt, take out new credit, or close old accounts, your credit score keeps going up and down. While it can take time to make big improvements in your score, it's definitely doable!

Your credit scores are always fluctuating.

Is your credit score permanent or subject to change?

Your credit utilization, or how much of your available credit you're actually using, contributes another 30%. Then the length of your credit history chips in 15%, while your new credit and credit mix each make up 10%.

Payment history makes up 35% of your FICO credit score — which means that paying your bills on time is key to good credit.

What has the biggest impact on your credit score?

Psst, if credit card debt is bumming you out, these [debt-slaying tips](https://www.buzzfeed.com/jasminsuknanan/credit-card-debt-repayment-tips) might help.

Slashing credit card debt cuts your credit utilization and might help your score.

Which of these is a way to improve your credit score?

This happens because maxing out your card increases your credit utilization — causing lenders to see you as a "riskier" borrower.

Hitting your credit limit can damage your credit score.

Which of these things can hurt your credit score?

As long as you make timely payments and keep your loan in good standing, it could even help your score.

Having a student loan doesn't hurt your credit.

Is having a student loan bad for your credit score?

You don't have all the answers yet when it comes to credit, but the fact that you even took this quiz shows that you're on your way to expertise. After all, credit can be hard to understand, and you might be wondering if it even matters. But having bad credit or no credit could hold you back from doing big life stuff. While you're on a roll, you might want to check out this handy [credit score guide](https://www.buzzfeed.com/meganeliscomb/what-is-a-credit-score-why-it-matters).

Character saying oh we're just getting started

You're off to a great start.

Your credit knowledge isn't too shabby, but you've still got some things to learn — which is totally understandable because credit can be kinda confusing. Even though it's probably not your favorite subject, you know that learning about your credit is important because it can have a huge impact on your life. If you want to sharpen your knowledge, why not check out the truth about these [credit score myths](https://www.buzzfeed.com/jasminsuknanan/credit-score-facts-myths-debunked).

You know a thing or two about credit.

You're basically a credit expert. But no matter how much you know about credit, you also know that it's a tricky subject that's full of nuance. Even though you know a lot, when it comes to finance, there's always more to learn. So, to keep your momentum going, maybe you'd like to check out some of our favorite [books about personal finance](https://www.buzzfeed.com/jasminsuknanan/personal-finance-books-2021).

You're on top of this whole credit thing.

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Can You Pass This Tricky Credit Score Quiz?

Credit can be super confusing, but it's also an important tool that you'll need throughout your life to take out a loan, rent an apartment, or buy a car. So even though it might not be the most exciting topic, understanding how credit scores work will help you out in the long run.

Got money on your mind? Check out more of our personal finance posts.

Can You Pass This Tricky Credit Score Quiz?

Credit can be super confusing, but it's also an important tool that you'll need throughout your life to take out a loan, rent an apartment, or buy a car. So even though it might not be the most exciting topic, understanding how credit scores work will help you out in the long run.

Got money on your mind? Check out more of our personal finance posts.

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