Life purpose test – Higher Scores!

Question 1 of 10

1. Disputing an open, unpaid collection account is a smart and often fast solution to increase your credit scores
- A - Yes, the credit bureaus will delete this from your report.
- B - No, unless you pay it first. Creditors are mostly willing to help you
- C - Yes, depending on what creditor it is, you can be sure it will be deleted and see substantial score increases!
- D - No, by paying the account, you confirm the negative as in fact legitimate and your scores will drop, on average 30-40 points within 10 days
Correct

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Question 2 of 10

2. Which is the best definition of what a credit score is?
- A- A credit score is a fixed number that financial institutions use to determine how much money you qualify for.
- B - A credit score is a number that reflects the likelihood that you will become delinquent on a loan or a credit obligation in the future.
- C - A credit score is a measurement tool to determine how stable your finances are. It measures income, assets and liabilities.
- D - A credit score is a range between 350 - 850 and creditors look at this to approve or deny you. The higher the score, the lower the risk.
Correct

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Question 3 of 10

3. Which series of credit cards are real?
- Standard, Specialty, Limited Purpose, Business, Charge
- Standard, Balance Transfer, Rewards, Pre-paid
- Limited Purpose, Subprime, Student, Specialty
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Question 4 of 10

4. Applying for a new credit card is the fastest way to build, establish and develop your credit profile.
- True. Applying for a new card is the very best way to establish credit.
- False. There are numerous, far faster and more effective ways to accomplish this.
- False. Getting a bank loan secured against a $1,000 Certificate of Deposit is the very best way.
- True. The process is designed to be intentionally slow and painful. You must earn the right to have good credit, "you just don't get it".
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Question 5 of 10

5. What is the process of increasing your bank line or reducing your rate called?
- Rate review
- Rate and term analysis
- Rate update
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Question 6 of 10

6. Is it true that Mortgage lates, collection, judgments, charge-offs, repossessions, late payments can be permanently deleted from your credit report, regardless of accuracy?
- 100% True
- 100% False
- It all depends...
Correct

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Question 7 of 10

7. It’s always a good practice to speak with your creditors and submit your complaints to them in writing, to properly document all your concerns.
- False - Why: never put anything in writing to your creditors until you discover what they know about your situation
- True - Why: by communicating to your creditors, you put them on notice and they can document the issue, making it that much more challenging to resolve later
Correct

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Question 8 of 10

8. Can Student Loans be restructured? What if I was late?
- No. You are stuck with the debt, nothing you can do, can't even Bankrupt the debt.
- Yes. There is always a way. Gather a copy of your history before you speak with them. These creditors are extremely particular and challenging to deal with.
Correct

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Question 9 of 10

9. I am legally allowed to fix my own credit report issues?
- True
- No way!
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Question 10 of 10

10. When you contact the major credit bureaus, they help you fix your credit report problems right over the telephone.
- False - you can only initiate a dispute.
- Yes, They are all willing people just jumping at the chance to help!
Correct

Incorrect

Increase Your Credit Score Quiz

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1. Disputing an open, unpaid collection account is a smart and often fast solution to increase your credit scores

2. Which is the best definition of what a credit score is?

3. Which series of credit cards are real?

4. Applying for a new credit card is the fastest way to build, establish and develop your credit profile.

5. What is the process of increasing your bank line or reducing your rate called?

6. Is it true that Mortgage lates, collection, judgments, charge-offs, repossessions, late payments can be permanently deleted from your credit report, regardless of accuracy?

7. It’s always a good practice to speak with your creditors and submit your complaints to them in writing, to properly document all your concerns.

8. Can Student Loans be restructured? What if I was late?

9. I am legally allowed to fix my own credit report issues?

10. When you contact the major credit bureaus, they help you fix your credit report problems right over the telephone.