Most consumers are afraid of finding out there credit score for fear of it being bad. To understand what drives your credit score take this short quiz. This will help you understand your credit profile.
1. To have a credit score you must have at least one creditor reporting activity on your credit report for :
a) 3 months b) 12 months c) 6 months
2. What is the top contributing factor to a good credit score?
a) Amount you owe b) Payment history c) Length of credit history
3. What can a credit score tell a lender?
a) Tell if I make my payments b) Predict the likeliness that I will repay my loan on time
c) Compare me to other
4. To have the best credit profile impact what is the maximun amount of your monthly credit line you should use?
a) 25% b) 50% c) 75%
5. Applying for a credit cards for free gifts improves my credit score?
True or False
Answers 1. c 2. b 3. b 4. b 5. false
It's never to late to improve your credit score. With the proper knowledge and understanding how the systems works you can improve your credit in just a few short months. If you take one point from this is to make your payments on time.!
Click on the link Community Housing Initiative for more information on Credit Score and how to improve your score. There is also information about down payment assistance that is available in each city of Brevard.
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