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Personal Finance > Debt
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Test your knowledge of credit scores
graphic February 18, 2002: 4:25 p.m. ET

They stand between you and the best loans, but do you know what they are?
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  • Improve your credit score - Feb. 15, 2002
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  • Debt reduction planner
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    NEW YORK (CNN/Money) - You may have heard of them, and you may know they affect whether you qualify for the best rates on loans. But do you know what credit scores really are and how often you should check yours?

    Take the following short quiz and find out. Then, for more information, read about five ways to improve your credit score.

    1. Your credit score measures:
    a) How many credit card accounts you have.
    b) How much money you owe.
    c) How likely you are to repay a loan on time.
    d) How many loans you've applied for.

    2. When's the best time to check your credit score?
    a) At least every month.
    b) At least several months before applying for a loan.
    c) Once every five years.
    d) At least twice a year.

    3. What's a key factor in determining your FICO score, one of the most widely used credit scores?
    a) The ratio of your credit card accounts to your outstanding credit card balance.
    b) Your income.
    c) The ratio of your outstanding credit card balance to your total credit card limit.
    d) Your age.

    4. If you want to raise your credit score, don't:
    a) Transfer your credit card balances onto a few cards and then cancel the rest.
    b) Pay your bills on time.
    c) Be afraid to open new credit accounts whenever a good deal comes along.

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      RELATED STORIES

    Improve your credit score - Feb. 15, 2002

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    Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

    Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

    Factset: FactSet Research Systems Inc. 2014. All rights reserved.

    Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

    Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.

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