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Financial Knowledge Assessment: Q9A

9.  A healthy credit score falls between the range of:

  • A.  600-649
  • B.  650-699
  • C.  700+
  • D.  None of the above.

Explanation:  The correct answer is “C. 700+” because in this range of scores, companies generally feel that you are a safe individual to pay back a loan.  Credit scores are determined from a variety of factors. Credit rating agencies look at payment history, total debt, length of credit history, types of credit, and new credit as determining factors for a credit score.  Missed payments, high debt, little credit history, multiple different type of credit (mortgage, student loan, car loan), and newly obtained credit all negatively affect your credit score.

Continue to Question 10