3. Banking and Credit

Credit Scores — Quiz

Test your understanding of credit scores with 5 practice questions.

Practice Questions

Question 1

Which of the following best describes the impact of having multiple recent hard inquiries on your credit score?

Question 2

If a person has a credit card with a $5,000 limit and they owe $2,000, then receive a credit limit increase to $10,000 without changing the amount owed, what is their new credit utilization ratio?

Question 3

Which of the following actions could negatively affect your credit score the most in the short term?

Question 4

Which of the following best explains why maintaining a low credit utilization ratio is important for a good credit score?

Question 5

If a person has three credit cards with limits of $2,000, $3,000, and $5,000, and they owe $500, $1,200, and $1,300 on each card respectively, what is their total credit utilization ratio?