Do You Know these Critical Facts to Higher Credit Scores?

Inquiries and Credit Utilization Ratio - See if You Know the Facts

Where do you start to build your credit score when you're an 18 year old? Or how the balance on your utilization ratio is calculated? Or how long a hard inquiry lowers your scores? See what you know.

Takes about one minute to complete.

Take the survey and then go to www.MyCreditPlan.org/blog for expanded explanations.

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* 1. What type of credit account should a responsible 18-year old first establish to build higher credit scores?

An Auto Loan.

A Student Loan.

A Credit Card.

A Checking Account.

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* 2. Many worry about their credit utilization ratio (or balance-to-credit limit ratio) on credit cards. How is the credit card balance established when it appears in your credit report?

From the average balance during the previous month.

From the balance on the first day of the month.

From the balance on the last day of the month.

From the balance on the lender's reporting date.

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* 3. There are many different credit scores generated from dissimilar credit scoring models. Which specific credit score model is used by all mortgage lenders identifying the company that offers those scores to consumers?

Vantage Scores® (Credit Karma).

FICO® 8 BancScores (Discover Card).

FICO® 9 Scores (Experian®).

Classic FICO® Credit Scores (My Credit Plan).

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* 4. How long does a "Hard Inquiry" (or credit check from a lender) lower your lender's credit scores?

90 Days.

6 Months.

12 Months.

24 Months.