Credit Score Quiz

Test your knowledge of credit scores and their impact on mortgage lending.

1. What is the most commonly used credit score model for mortgage lending?

VantageScore FICO Score Credit Karma Score Experian Score

2. What is the typical credit score range for FICO scores?

300-850 500-900 350-800 250-900

3. What credit score is generally considered excellent for mortgage approval?

620-639 640-659 760-850 580-619

4. What percentage of your credit score is based on payment history?

15% 30% 35% 10%

5. How long do late payments typically stay on your credit report?

3 years 5 years 7 years 10 years

6. What is a hard inquiry on your credit report?

A review of your credit by yourself A credit check that affects your score when you apply for credit An inquiry from a collection agency A monthly credit monitoring service

7. How much can your credit score drop from multiple mortgage rate quotes within a 14-day period?

Up to 50 points It doesn't affect your score Up to 100 points Up to 25 points

8. What credit utilization ratio is recommended for optimal credit scores?

Below 30% Below 50% Below 75% Below 100%

9. How long does it typically take to improve a significantly damaged credit score?

3-6 months 1-2 years 6-12 months 5+ years

10. What is the minimum credit score typically required for a conventional mortgage?

500 620 580 700

Quiz Results

Check your answers below:

1. Answer: (b) FICO Score

2. Answer: (a) 300-850

3. Answer: (c) 760-850

4. Answer: (c) 35%

5. Answer: (c) 7 years

6. Answer: (b) A credit check that affects your score when you apply for credit

7. Answer: (b) It doesn't affect your score

8. Answer: (a) Below 30%

9. Answer: (c) 6-12 months

10. Answer: (b) 620

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