Credit Basics
The common score range for FICO and VantageScore
What is 300–850
How many major credit bureaus are there
What is three
Equifax, Experian, and TransUnion
Bonus: Innovis
The recommended utilization percentage to aim below
What is 30%
This factor looks at how much of your available credit you are using
What are amounts owed/credit utilization
Myth or Fact: Checking your own credit score lowers it
What is Myth
Checking your own credit score is a soft inquiry and does not negatively impact your credit. Applying for credit may result in a hard inquiry.
This factor has the biggest impact on your credit score
What is payment history
Name one item found under “Personal Information"
What is name, SSN, address, or employer
A credit option that requires a cash deposit
What is a secured credit card
This factor has the biggest impact on your credit score
What is payment history
Myth or Fact: Closing a credit card with a high interest rate will enhance your score
What is Myth
Closing a card can lower the average age of credit and increase credit utilization, which may negatively impact a credit score. Asking the issuer for a lower rate may be a better option.
Credit is used by lenders to measure this
What is financial risk to the lender
These show when someone checks your credit
What are credit inquiries
This term describes how much of your credit limit you’re using
What is credit utilization
This factor considers how long your credit accounts have been open
What is length of credit history
Myth or Fact: Keeping a small balance on your credit card helps improve your credit score
What is Myth?
Paying balances in full when possible avoids interest and still demonstrates responsible credit use. Carrying a balance is not required to build credit.
This free Navy Federal tool helps members understand and track their credit score
What is Mission: Credit Confidence
How long inquiries stay on a credit report
What is up to two years
Giving yourself time before buying a non‑essential item can help prevent this
What is impulse spending
Having credit cards, auto loans, and mortgages helps this score component
What is credit mix (types of credit in use)
Myth or Fact: Even though there are 3 major credit bureaus, you only have one credit report.
What is Myth
Each credit bureau maintains its own credit report, so individuals actually have multiple credit reports that may differ slightly.
This tool lets members test how paying down debt or opening an account might affect their score
What is the Score Simulator
Consumers are entitled to free credit reports from the major credit bureaus through this official website
What is AnnualCreditReport.com
How long most negative info stays on a credit report
What is 7 years
The company best known for creating the FICO score
What is Fair Isaac Corporation
Myth or Fact: Utility and medical bills usually don’t appear on credit reports unless the account is turned over to collections
What is Fact