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The following game is comprised of a short pre-quiz, post-quiz, and the middle "game" portion.The game will have more specific instructions when you reach that point.
 
There are a total of 29 multiple choice questions, it will take roughly ten minutes to complete.
 
Let's get going!
 
The following game is comprised of a short pre-quiz, post-quiz, and the middle "game" portion.The game will have more specific instructions when you reach that point.
 
There are a total of 29 multiple choice questions, it will take roughly ten minutes to complete.
 
Let's get going!
 
 
 
Making late payments on bills will make it more difficult to get a loan.
True
False
 
 
Your credit rating (score) is not affected by how much you owe on your credit card(s).
True
False
 
 
There is only one place to get your credit report.
True
False
 
 
Information in a credit report only affects a person’s finances.
True
False
 
 
My credit score will not be lower if I view my credit reports.
True
False
 
 
I must keep a balance on my credit cards in order to build a credit history.
True
False
 
 
Intro:
 
Your credit history can impact many different areas of your life. Quite a number of entities may be looking at your credit history, including banks, utility companies, insurance companies, landlords, mortgage companies, employers and government agencies. Learn what you can do to ensure your credit is good credit!

Read More:
The following scenarios are common life occurrences that may have an impact on your credit score.**
 
1) Select the score impact that you believe is the most accurate.
 
2) After you answer each question there will be a short explanation with links to additional resources on that topic. This information will answer all of the questions included in the post-quiz.
 
**These are generalized estimates and are meant as a guide. They cannot be relied upon for your personal credit journey.
 
 
Because of the loss of a job in your family, you have run your two credit cards up to their credit limits during the past two months.
-10
-80
 
 
The second largest factor (approximately 30%) in calculating credit scores is based on how much of your available credit you're using.

“The higher your credit utilization, or the closer your credit card balances are to your credit limit, the more your credit score is hurt.”

Read More:
 
 
The second largest factor (approximately 30%) in calculating credit scores is based on how much of your available credit you're using.

“The higher your credit utilization, or the closer your credit card balances are to your credit limit, the more your credit score is hurt.”

Read More:
 
 
You find another job. You start making payments on your credit cards and bring the balances down to 50% of the available credit limit within three months. You also make your mortgage payment and bring all other past due accounts current. 
+ 40
+15
 

Your mortgage payments can play a huge role in your credit score. If you’re a renter, management may check your score during the application process to ensure responsible payment. Read the articles below to see what they’re looking for and how apartment rental may still be possible for those with low or no credit.
 
Read More:
 
 
 

Your mortgage payments can play a huge role in your credit score. If you’re a renter, management may check your score during the application process to ensure responsible payment. Read the articles below to see what they’re looking for and how apartment rental may still be possible for those with low or no credit.
 
Read More:
 
 
 
 
You steadily pay down your credit card balances while staying current on all of your other accounts (mortgage, auto loan payment, student loans).
+40
+20
 
 
 
Making on time payments is the most reliable way to build your credit score and late payments can stay on your credit reports for seven years.

“But, accidents happen. If you miss a payment by 30 days or more, call the creditor immediately. Arrange to pay up and ask if the creditor will consider no longer reporting the missed payment to the credit bureaus.”

Read More:
 
 
 
Making on time payments is the most reliable way to build your credit score and late payments can stay on your credit reports for seven years.

“But, accidents happen. If you miss a payment by 30 days or more, call the creditor immediately. Arrange to pay up and ask if the creditor will consider no longer reporting the missed payment to the credit bureaus.”

Read More:
 
 
You decide it is time to get a new car. You go auto loan shopping over the next few weeks resulting in several inquiries to your credit reports.
-10 during the time you are shopping. -20 the following reporting period.
- 0 during the time you are shopping. -8 the following reporting period.
 
 
Credit inquiries (approximately 10%) do have an impact on your score but it’s not as much as other factors.
 
“The benefit of shopping [for the best deal on an auto loan] will far outweigh any impact on your credit. In some cases, applying for multiple loans over a long period of time can lower your credit score. You can minimize any negative impact on your credit score by doing all your rate shopping in a short amount of time”
 
Read More:
(specifically, the section called “Understanding how loan shopping impacts your credit score(s))
 
 
 
 
 
Credit inquiries (approximately 10%) do have an impact on your score but it’s not as much as other factors.
 
“The benefit of shopping [for the best deal on an auto loan] will far outweigh any impact on your credit. In some cases, applying for multiple loans over a long period of time can lower your credit score. You can minimize any negative impact on your credit score by doing all your rate shopping in a short amount of time”
 
Read More:
(specifically, the section called “Understanding how loan shopping impacts your credit score(s))
 
 
 
 
 
While purchasing groceries at Super Target, you are offered 15% off of your total if you apply for a Target credit card today. You do!
- 0
- 8
 
 
Similarly to the previous question, inquiries make up a small section of your credit score. The auto loan and credit card applications will both result in hard inquiries on your credit report.
 
"Hard inquiries (also known as “hard pulls”) generally occur when a financial institution, such as a lender or credit card issuer, checks your credit when making a lending decision...Soft inquiries (also known as “soft pulls”) typically occur when a person or company checks your credit as part of a background check...Unlike hard inquiries, soft inquiries won’t affect your credit scores."

Read More:
 
 
Similarly to the previous question, inquiries make up a small section of your credit score. The auto loan and credit card applications will both result in hard inquiries on your credit report.
 
"Hard inquiries (also known as “hard pulls”) generally occur when a financial institution, such as a lender or credit card issuer, checks your credit when making a lending decision...Soft inquiries (also known as “soft pulls”) typically occur when a person or company checks your credit as part of a background check...Unlike hard inquiries, soft inquiries won’t affect your credit scores."

Read More:
 
 
You want to make sure you are not overlooking any debts, so you pull your credit reports.
-0
-10
 
 
Pulling your report yourself (and other soft pulls) has no impact on your score. There are several ways to get your free credit report or track an estimated credit score.

“Checking your own credit report is not an inquiry about new credit, so it has no effect on your score. In fact, reviewing your credit report regularly can help you to ensure that the information the credit reporting companies share with lenders is accurate and up-to-date.”

Read More:
 
 
Pulling your report yourself (and other soft pulls) has no impact on your score. There are several ways to get your free credit report or track an estimated credit score.

“Checking your own credit report is not an inquiry about new credit, so it has no effect on your score. In fact, reviewing your credit report regularly can help you to ensure that the information the credit reporting companies share with lenders is accurate and up-to-date.”

Read More:
 
 
After reviewing your credit report, you decide to close the credit card you opened years ago since you don’t use it anymore.
+15
-15
 
 
Length of credit history makes up approximately 15% of your credit score and is the third most important factor in score calculation.

“Closing a credit card you already have may be an appropriate financial step based on your own personal circumstances, but don’t assume it will improve your credit score.”
 
Read More:
 
 
 
Length of credit history makes up approximately 15% of your credit score and is the third most important factor in score calculation.

“Closing a credit card you already have may be an appropriate financial step based on your own personal circumstances, but don’t assume it will improve your credit score.”
 
Read More:
 
 
 
You take on another job to help pay down your debts. With the new schedule, you miss a payment on your student loan for two months.
-20
-50
 
 
On-time payments are the largest factor in your credit score (approximately 35%). One missed payment has a bigger impact on your score than several months of on-time payments.

“If you are having trouble making your loan payments, contact your servicer to explore all of your options that might help to make your payments more affordable, including income-driven repayment.”
 
Read More:
 
 
 
 
On-time payments are the largest factor in your credit score (approximately 35%). One missed payment has a bigger impact on your score than several months of on-time payments.

“If you are having trouble making your loan payments, contact your servicer to explore all of your options that might help to make your payments more affordable, including income-driven repayment.”
 
Read More:
 
 
 
 
Realizing your error, you immediately pay the two months you missed and pay all of your other bills on time.
+0
+20
 
 
Making up a missed payment will positively impact your credit score, but it will not make up the negative impact from missing the payment in the first place.

“Just because your wallet got hit with a late payment fee for an overlooked bill doesn’t mean your credit report got hit with a negative mark...But by federal law, a late payment cannot be reported to the credit reporting bureaus until it is at least 30 days past due. So an overlooked bill won’t hurt your credit as long as you pay before the 30-day mark.”

Read More:
 
 
Making up a missed payment will positively impact your credit score, but it will not make up the negative impact from missing the payment in the first place.

“Just because your wallet got hit with a late payment fee for an overlooked bill doesn’t mean your credit report got hit with a negative mark...But by federal law, a late payment cannot be reported to the credit reporting bureaus until it is at least 30 days past due. So an overlooked bill won’t hurt your credit as long as you pay before the 30-day mark.”

Read More:
 
 
You co-signed for your daughter’s automobile loan. She is 60 days late with her payment.
-30
-60
 
 
Co-signing means you are taking on the responsibility of making payments if the borrower is unable to do so. “...Co-signing a loan does not mean serving as a character reference for someone else. When you co-sign, you promise to pay the loan yourself.” Missed payments will have the same effect on your score as if the loan was your own.

“As long as the account is paid on time, it adds to your payment history. However, if you have a good score and well-established credit, the effect may be small compared with the danger to your score if the borrower doesn’t pay.”
 
Read More:
 
 
 
Co-signing means you are taking on the responsibility of making payments if the borrower is unable to do so. “...Co-signing a loan does not mean serving as a character reference for someone else. When you co-sign, you promise to pay the loan yourself.” Missed payments will have the same effect on your score as if the loan was your own.

“As long as the account is paid on time, it adds to your payment history. However, if you have a good score and well-established credit, the effect may be small compared with the danger to your score if the borrower doesn’t pay.”
 
Read More:
 
 
 
This is a short 7 questions post-quiz. See if you can improve upon your results from the pre-quiz. 
 
 
This is a short 7 questions post-quiz. See if you can improve upon your results from the pre-quiz. 
 
 
Making late payments on bills will make it more difficult to get a loan.
True
False
 
 
Your credit rating (score) is not affected by how much you owe on your credit card(s).
True
False
 
 
There is only one place to get your credit report.
True
False
 
 
Information in a credit report only affects a person’s finances.
True
False
 
 
My credit score will not be lower if I view my credit reports.
True
False
 
 
I must keep a balance on my credit cards in order to build a credit history.
True
False
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