Credit Score Quiz

The average person will get 13 out of these 20 questions correct for a 65% score. Can you do better?


True or False:

1. Pulling your own credit report will hurt your score.



2. When different vendors pull your credit score as you “shop around” for a loan, it will always hurt your credit score.



3. There is only one version of your credit score.



4. According to federal law, employers are not allowed to check an applicant’s credit report when hiring.



5. Everyone is assigned a credit score automatically when they turn 18 years old.



6. Paying off a debt and closing that account will always improve your credit score.



7. Credit repair through a legal and ethical company is an effective way to increase your credit score.



Choose the best answer:

8. While 60% of all college seniors have at least one credit card, what percentage of college kids DO NOT even know their credit score?

A) 85%

B) 14%

C) 27%

D) 60%

9. The ideal revolving ( i.e. credit cards) debt ratio to achieve a top credit scores is:

A) 30%

B) 90%

C) 0%

D) 10%

10. Which of these items does NOT influence your credit score?

A) Payment history

B) Credit Utilization

C) Bank account balance

D) Length of credit history

11. Unpaid student loans remain on your credit report for how long?

A) 7 Years

B) Until they are paid

C) 10 Years

D) Student loans don’t appear on credit reports

12. Which of the following IS NOT one of the three major credit bureaus?

A) Experian

B) Fair Isaacs

C) Equifax

D) TransUnion

13. In 2010, the percentage of people who had a credit score lower than 600 climbed to ________, its highest point ever (since credit scores were kept).

A) 15%

B) 42%

C) 9%

D) 25%

14. You can pull your own credit report for free with each of the credit bureaus how many times per year?

A) One time

B) Three times

C) As many as you want

D) Seven times

15. Which of the following service providers DOES NOT use credit scores to decide whether a person can buy a service and what price they’ll pay?

A) Landlord

B) Mortgage lender

C) Real estate agent

D) Electric utility

16. “FICO” refers to:

A) Financial Information Company

B) The Fair Credit Reporting Act

C) Fair, Isaac, and Company

D) An acronym for the three major credit bureaus

17. Which of these is considered an excellent FICO credit score?

A) 1,000

B) 640

C) 680

D) 720

18. If you cosign for a loan with someone else and they default, it ______ your credit score.

A) Will lower

B) Will not affect

C) Never will lower

D) Will improve

19. About _______% of your credit score calculation is based on your history of paying on time.

A) 15%

B) 35%

C) 10%

D) 30%

20. Identity theft and fraud affected __________ people in the US in 2016.

A) 21 million

B) 2.9 million

C) 15.4 million

D) 7 million



  1. False

You can check your own credit report and score without negatively affecting your FICO, however getting your credit pulled frequently by credit providers (credit card companies, auto dealerships or home loan officers) may lower your score.

  1. False

The credit bureaus understand they you’ll want to “shop around” for the best mortgage or auto loan or credit card, and that means your credit will be pulled several times. The good news is that they usually just count this group or batch of inquiries as one if they’re within a 30-day period. So try to contain them to within a 30-day period, but avoid multiple credit pulls on different kinds of debt that display financial desperation or risk, or there could be a small score drop.

  1. False

In fact, there are many versions of your credit score based on industry, need, and what company is reporting. Just FICO has 28 versions of your credit score!

  1. False

More and more employers are checking applicants’ credit reports; however, they do NOT check scores.

  1. False

A credit score is only established when people take out debt and have a history of managing those accounts, good or bad. Therefore, about 26 million adults in the US are “credit invisible,” with no or incomplete credit.

  1. False

Common sense might dictate that paying off an existing account to zero balance and closing it would make you less of a credit risk – and therefore increase your score. However, in reality, it may cause the opposite effect – erasing an account that was helping and therefore lower your score. 

  1. True

A good credit repair company can help you hold the credit bureaus accountable for old items, duplicates, or incorrect reporting, getting them removed from your report and therefore increasing your score. 

8. A) 85%

9. D) 10% While you often hear that 30% is a good debt ratio for revolving accounts (i.e credit cards), if you want to increase your score, pay your accounts down to 10% or less of your available limit.

  1. C) Bank account balance does not affect your credit score
  2. B) Until they are paid
  3. B) Fair Isaacs is NOT one of the three major credit bureaus, Experian, Equifax, and TransUnion
  4. D) 25%

In 2010, the nation was in the midst of the Great Recession with record numbers of foreclosures and bankruptcies. During that time, the percentage of people who had a credit score lower than 600 climbed to 25%, up from 15% in 2016 and the highest number ever.

  1. A) One time

According to the Fair and Accurate Credit Transactions Act (the FACT Act), you are eligible to receive a free copy of your credit report once each year from each of the three major credit bureaus by going to

  1. C) Real estate agen
  2. C) Fair, Isaac, and Company
  3. D) 720

FICO scores range from 300-850 and 680 is considered good, while above 720 is an excellent credit score.

  1. A) Will lower

If you cosign for a loan with someone, you’re just as responsible for paying the debt as they are.

  1. B) 35%

Your credit score is based on:

30% Credit utilization.

35% Payment history.

10% Mix of credit.

10% New credit.

15% Length of credit history.

  1. C) 15.4 million

That’s why it’s important to periodically monitor your credit!

Visit Blue Water Credit credit score page to learn more about how credit score works and what you can do to improve it.