Great Test for Above Average Credit

42% of consumers have credit scores between 550 and 699. Most consumers have no idea what impacts their credit profile and certainly not any actions to take to help improve it.

Take this quiz:
1. To have the best credit profile impact, what is the maximum amount of your monthly credit line you should us? a) 70% b)30% c) 50%

2. What is the top contributing factor to what makes a good credit score?
a) Length of credit history b)Amounts you owe C)Payment history

3. If you pay 2% each month on your credit card (typical minimum payment), when will you pay off a $3,000 balance at 10% interest. a)18 years b)6 years c)3 years.

4. After paying off a high-interest credit card, you should: a)Continue using it occasionally b)Close the account c)Use the full amount available credit every month.

5. Applying for credit cards in order to just receive a free sign-up gift (t-shirts, mugs, etc.) has no impact on my credit profile: True or False

6. Rewards points on credit cards are a good deal when: a)I get cash back b)I get free airline tickets c)I carry no balance each month

7. To have a credit score, I must have at least one creditor reporting activity on my credit report for: a)12 months b)8 months c)6 months.

8. Credit bureaus that manage your personal credit report data and credit scores are a: a)Government entity b)Non-profit agency c)Regular business corporation

9. Banks and credit card companies think you are credit-worthy by how many credit offers you receive by mail? True or False

10.Credit scores are used by lenders mainly to: a)Tell how I compare to other consumers b)Tell if I make my payments on time c)Predict the likeliness that I will repay my loan on time.

How did you do? Let your teenager that is already receiving credit cards in the mail answer these questions, and that college kid! See how they do!

On average, the US consumer have a total of 13 credit obligations on their credit report. These consumers are spending thousands of unnecessary interest expenses. Some good news: Consumers can learn how to effectively manage the credit! But be careful of the advise you get out there!! Nothing is free!

Answers: 1- c; 2- c; 3- a; 4- a; 5- False; 6- c; 7- c; 8- c; 9- False; 10- c