Understand what moves your credit score: test your skills
Two factors drive most of your score — and you can improve both without closing a single card. Answer each question to see the explanation; your score appears at the end.
This test checks that you can
- Name the five FICO factors
- Lower reported utilization
- Avoid moves that hurt your score
- Practice
1. Which two factors carry most of a FICO score?
- Practice
2. When is your card balance usually reported?
- Practice
3. Closing your oldest card can…
- Key idea
4. Which statement best explains "Two factors carry most of the weight"?
- Key idea
5. Which statement best explains "Timing changes utilization"?
- Key idea
6. Which statement best explains "Old accounts help"?
- Action plan
7. In the action plan, which step comes first?
- Mistake to avoid
8. Which of these is a mistake this lesson warns against?
- Mistake to avoid
9. Which of these is a mistake this lesson warns against?
Limits total $8,000 and balances total $2,000. What is utilization? What balance gives 10%?
Show the answer
25% now; $800 for 10%
$2,000 ÷ $8,000 = 25%. 10% of $8,000 = $800.
Divide your current card balances by your total limits. That is your utilization today.
More tests in this bootcamp
- Judge debt by its purpose, rate and total cost
- Choose a debt payoff plan: avalanche or snowball
- Compare debt consolidation without missing the fees
- Use credit cards without carrying interest
- Understand what moves your credit score
- Check your credit report and question errors
- Protect your identity and know the recovery steps
- Respond to debt collectors with records and confidence
- Understand your student loan repayment options
- Compare car loans beyond the monthly payment
- Decode your mortgage payment: principal, interest, taxes and insurance
- Final exam: Debt and credit