Credit Score Information for Kentucky Mortgage Loan Approvals

Credit Score Knowledge Quiz Information for Kentucky Mortgage Loans
 Credit scores are taking an even more important role in qualifying for a Kentucky FHA, VA, Rural Housing and Fannie Mae mortgage today, which makes it vital to maintain a good credit history. See how much you know about credit scores with our Credit Knowledge Quiz and what you need to focus on to better your score.

  1. Question 01

    A credit score is:

    • a. A three-digit number summarizing the state of your credit
    • b. An alphabetical score grading your creditworthiness
    • c. A numerical score reporting how much money you owe
  2. Question 02

    What is the number-one contributing factor to a good credit score?

    • a. Length of credit history
    • b. Amounts you owe
    • c. Payment history
  3. Question 03

    Does each consumer have just ONE generic credit score?

    • a. Yes
    • b. No
    • c. Don't Know
  4. Question 04

    Your credit score affects?

    • a. Whether you can get a loan
    • b. Your interest rate
    • c. Both A and B
  5. Question 05

    Who collects the information on which credit scores are most frequently based?

    • a. FICO and VantageScore
    • b. Three main credit bureaus – Experian, Equifax, and TransUnion
    • c. Individual lenders
    • d. Federal government
  6. Question 06

    Lenders look at credit scores when deciding whether to extend which type of credit?

    • a. Credit cards
    • b. Mortgages
    • c. Loans
    • d. All of the above
  7. Question 07

    How important is it to check the accuracy of your credit reports at the three main credit bureaus?

    • a. Very Important
    • b. Somewhat Important
    • c. Not Very Important
    • d. No Big Deal
  8. Question 08

    Which of the following actions helps a consumer raise a low score or maintain a high one?

    • a. Make all loan payments on time
    • b. Avoid opening several credit card accounts at the same time
    • c. Use a credit card keeping the balance under 25% of the credit limit
    • d. All of the above
  9. Question 09

    After paying off a high-interest credit card, you should:

    • a. Continue using it occasionally
    • b. Close the account
    • c. Use the full amount of available credit every month
  10. Question 10

    Which of the following does a credit score MAINLY indicate?

    • a. Knowledge of consumer credit
    • b. Amount of consumer debt
    • c. Risk of not repaying a loan
    • d. Financial resources to pay back loans
  11. Question 11

    How long can negative items on your credit history impact your score?

    • a. 1 year
    • b. 3 years
    • c. 5 years
    • d. 7 years
  12. Question 12

    Are missed payments a factor used to calculate a credit score?

    • a. Yes
    • b. No
    • c. Maybe
  13. Question 13

    Which of the following is NOT considered when calculating your FICO score?

    • a. Your payment history
    • b. The types of credit you are using
    • c. The amount of debt you owe
    • d. Your income
  14. Question 14

    Applying for credit cards in order to just receive a free sign-up gift (t-shirt, mugs, etc.) has no impact on my credit profile?

    • a. True
    • b. False
  15. Question 15

    Is marital status a factor used to calculate a credit score?

    • a. Yes
    • b. No
    • c. Maybe
  16. Question 16

    Does a cell phone company use a credit score to decide whether a person can buy a service and/or what price they'll pay?

    • a. Yes
    • b. No
    • c. Maybe
  17. Question 17

    Does a mortgage lender use a credit score to decide whether a person can get credit and what interest rate they'll pay?

    • a. Yes
    • b. No
    • c. Maybe
  18. Question 18

    Does a landlord use a credit score to decide whether a person can rent a property and/or what price they'll pay?

    • a. Yes
    • b. No
    • c. Maybe
  19. Question 19

    Does an electric utility use a credit score when establishing service for a consumer?

    • a. Yes
    • b. No
    • c. Maybe
  20. Question 20

    Your credit card company just increased the spending limit on your card. Will this help or hurt your credit score?

    • a. Help
    • b. Hurt
  21. Question 21

    In regards to a married couple purchasing a home, the mortgage lender uses which credit score when more than one borrower is applying together?

    • a. The highest score between both people
    • b. The lowest middle score between both people
    • c. The average of all scores
    • d. The median score between both people

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

American Mortgage Solutions, Inc.
10602 Timberwood Circle 
Louisville, KY 40223
Company NMLS ID #1364

Text/call:      502-905-3708

Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916

-- Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

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