09/19/2011 11:11 am ET

Test Your Credit Knowledge

Now that the kids are back in school and taking tests I thought you should test your credit knowledge. It's a simple, True or False test!


1. All credit scores are the same, so there is no point paying extra to get your FICO Score.

2. Your monthly and yearly income helps/hinders your FICO score.

3. Short sales do not affect your credit.

4. Paying a collection in full will give your FICO score a quick boost.

5. Home Equity lines of credit balances do not affect your credit score.

6. Keeping your balances very low on your credit card accounts will help your FICO score.

7. The fewer accounts you have open the better your credit score.

8.Closing an account that you have been late on will help improve your FICO score.

9. Having just a few accounts on your credit report give you the best chance for a very high FICO score.

10. Having many different types of accounts on your credit helps your FICO score.

11. Checking your credit too often will hurt your FICO score.

12. When you get married, your spouse's credit history goes onto your credit reports.

13. Having credit cards or loans that are charging you high interest rates negatively affect your credit.

14. Having a high balance in your savings/checking account will help you improve your FICO score.

15. Obtaining and using a debit card issued by your bank is an easy way to boost your FICO score.

How do you think you did? Great, good, bad, not sure......well the answers are below. If you did great, Congratulations !!!! If you want to learn more about Improving & Understanding Your Credit, MasterCard Easy Savings has a free webinar

Please email me your credit questions

Answer key:
1)F 2)F 3)F 4)F 5)F 6)T 7)F 8)F 9)F 10)T 11)F 12)F 13)F 14)F 15)F