Quiz: How Much Do You Know About Credit Scoring?

Before you get a mortgage for the first time, or refinance your existent mortgage, lenders run a credit check. Lenders usage a scoring system to make up one's mind whether or not you are a good campaigner for a loan, and even what rate you will measure up for. Credit scores are based on a number of factors. How much make you cognize about the current credit scoring system? Here is a 10 inquiry quiz to assist you happen out:

1. True or False: Information on your credit report is always accurate.

2. True or False: There are currently 3 nationwide credit-reporting companies.

3. True or False: An occasional measure paid late volition not demo up on your credit report or impact your credit score, unless you do a wont out of paying measures late.

4. True or False: If you have got applied for many new credit accounts recently, that could impact your credit score.

5. True or False: If you are denied credit, you have got no manner of determination out why.

6. True or False: You can better your credit score by paying measures on time, paying down balances, and not accumulating further debt.

7. True or False: Improving your credit score is a fast process.

8. True or False: If your credit score is low, you cannot get a mortgage.

9. True or False: Credit companies may take factors such as as matrimonial status and national beginning into consideration when evaluating your credit report.

10. True or False: Credit reports are available free.

ANSWERS:

1. False. There are sometimes inaccuracies on credit reports. Be certain to reexamine your credit report before applying for a mortgage or refinancing your home.

2. True. There are 3 chief credit reporting agencies: Equifax, Experian, TransUnion.

3. False. Any measures paid late are very likely to negatively impact your credit score.

4. True. It may negatively impact your credit score if you have got applied for too many new accounts in the recent past.

5. False. If you inquire for the information, the creditor is by law required within 60 years to inform you of the grounds your application was denied.

6. True. All of these things will assist you better your credit score.

7. False. It can take awhile to better your credit score.

8. False. You can get a mortgage or mortgage refinancing even with a lower credit score though the interest rate may be higher. There is more than information on these types of mortgages on www.mortgage-refinancing-online-guide.com.

9. False. Credit companies cannot discriminating based on these factors.

10. True. You can now obtain a free credit report through www.annualcreditreport.com. By the way, a perfect credit score is 850.

SCORING:

1-5 You need to learn more than about credit scoring. Go to www.mortgage-refinancing-online-guide.com, and browsing the articles.
6-8 You cognize a batch about credit scoring. Keep up the good work.
9-10 You might desire to see a career in mortgage loans. Great job!