Credit Score Mythbusters: True or False
Separate fact from fiction about credit scores to empower your financial decisions.
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Quiz Questions & Answers
Review every prompt, the correct responses, and helpful context to prep for your own run-through.
Question 1: True or False: Checking your own credit report frequently will lower your credit score.
False, it's a 'soft inquiry' and doesn't affect your score.
False, but only if you use a specific credit monitoring service.
True, but only if you do it more than once a month.
True, it's considered a 'hard inquiry.'
Question 2: True or False: Closing old credit card accounts is a good way to improve your credit score.
True, especially if the cards have high annual fees.
True, it reduces your available credit lines.
False, it can actually hurt your score by reducing your average credit age and increasing your utilization.
False, unless the accounts have a zero balance.
Question 3: True or False: Carrying a small balance on your credit card and paying it off each month helps your credit score more than paying it off completely.
False, only if you have multiple credit cards with balances.
False, paying your balance in full each month is always the best strategy for your credit score.
True, it shows you are actively using credit.
True, but only if the small balance is less than 10% of your limit.
Question 4: True or False: Your income level directly affects your credit score.
True, especially for obtaining larger loans like mortgages.
False, credit scores measure creditworthiness, not wealth.
True, higher income usually means a higher score.
False, unless you have a very low income.
Question 5: True or False: Paying off a debt collector will immediately remove the negative mark from your credit report.
False, the negative mark (e.g., collection account) will typically remain on your report for up to seven years from the original delinquency date.
True, but only if you negotiate a 'pay for delete' agreement.
True, once paid, it's erased.
False, only if the debt is older than five years.
Question 6: True or False: Having multiple types of credit, like a credit card, a car loan, and a mortgage, can be good for your credit score.
True, it demonstrates you can handle different forms of credit responsibly.
False, more credit types mean more opportunities for debt.
True, but only if all accounts are new.
False, it only helps if you have a perfect payment history.
Question 7: True or False: Your rent payments always contribute positively to your credit score.
False, rent payments only impact your score if your landlord reports them to credit bureaus.
True, consistent payments show reliability.
False, only if you are late on payments.
True, as long as you pay on time every month.
Question 8: True or False: It's beneficial to apply for new credit cards frequently to increase your available credit.
False, frequent applications lead to multiple hard inquiries and can shorten your average account age, both negatively affecting your score.
True, especially if you plan to close older cards.
False, only if you have a low credit score to begin with.
True, more available credit lowers your utilization ratio.