The use of FAKO should be banned. Score estimates - yes, FAKO's - no in my opinion. Why even check them? The few times I've received my FAKO, they are off between 30 - 60 FICO points!

think you're the credit guru? Want to be the credit card messiah? well here is a basic skills test on credit.. Come on yall!! lets have some fun and post ! post! post!! i will post the link and the answers in a month
ask some of the Finance Globe Alumni for help if you get stuck

6. The credit score you buy from the credit bureaus or MyFico.com is the same score that lenders use to judge you.
a.true
b.false

That is the one that is tricky. NONE of the CB scores are what lenders use, unless you dig deep into the Equifax site these days & find the single Beacon 5 FICO. The scores on myFICO are driven by the beacon 5 for EQ & for TU, they use the 98 version, which some lenders still use, but more all the time go for the TU 04 version.

But as far as the ones from Quizzle, CCT, Credit Karma, True Credit, Free Score, Free Credit Report...yadda yadda yadda, all FAKO's.

As far as Experian goes...I watch the report closely, but never will app for anyone who ONLY pulls EX. If I can't see my FICO score, than no one else will either!

This is a really good quiz! You should turn them into polls in the poll section of FG. Each question would make for a good poll of what people think. Also it would be cool to have a more visible link to the poll section. To guide more people to it. I think it is a great tool that lets everyone see opinions and views that people have about different things. Because we all have ideas and knowledge to share with each other.

first i would like to think all the people that participated or justed VIEWED the poll i really honesty didnt think this was going to be a hit but i see i am at almost 100 views in 2 weeks and it climbs every 12 hours so i am soo thankful for this

i am trying to turn tables a bit as well the next post will...Do YOu KNOW ME?..this will focus on famous well known people that have fallen financially and the FG Family will have to guess who it is..
i used to love the american express commercials in the 70's to me it was the most intellegent credit card commercial ever and they were fools to cancel that campaign

the purpose of that post is to let you know you think you are whinning and crying for just a bankruptcy and a 1,200.00 debt on your credit report..when you got people who are millionares WITH accountants, advisors..etc..and GOT 2.5 million tax liens..so we are not doing nothing
plus its just a breath of fresh air to let you know we are alright and dont give up hope and work on your credit

be on the look out for that comming soon it will be a once a month series if the FG family lets me it can be a weekly thing
if demand is higher it will be daily..belive me i know tons of actors who are broke
all you have to do is guess...
do you know me?

. (2) Payment history[/B] ? Paying your bills on time is the most important factor when it comes to calculating your credit score .
2. (2) False ? In most cases, cancelling unused accounts means you will have less overall credit available to you, which hurts your credit score. Also, cancelling old accounts might shorten your credit history, also hurting your score.
3. (2) False ? Checking your own credit report or score is known as a ?soft inquiry? or ? soft pull ? and has no effect on your score.
4. (3) 740 ? Lenders are becoming increasingly strict in their credit score requirements . Only those with the best scores will have access to the lowest interest rates.
5. (3) 678
6. (2) False ? Most of the credit scores sold to consumers are ?educational scores,? while lenders use what are called ?lender scores.? Educational scores are generic, all-purpose scores to give you a good idea of where you stand. Lender scores are often more loan-type specific. For instance, mortgage lenders may put more emphasis on your mortgage history. Also, each lender may have its own scoring formula that takes your income and other factors into account. For more on this topic, check out Consumer vs. Lender Credit Scores .
7. (2) False ? Creditors and lenders voluntarily supply information about your accounts to the credit reporting agencies.
8. (3) $11,000 ? If you only make the minimum payments, it will take you more than nine years to pay off that $10,000 of debt. And you?ll spend $11,680 on interest in the process. Find out how much your debt will cost you with a cost-of-debt calculator.
9. (4) All of the above ? Your monthly bank and credit card statements will show any fraudulent transactions an identity thief has made with a lost or stolen credit or debit card number, while your credit report will show unauthorized credit inquiries and account openings. Enrolling in a credit monitoring service saves you the hassle of having to remember to check your credit manually.
10. (1) True ? but only with your written permission. The employer must provide you with a separate document asking for your permission to check your credit. If you don?t get the job due to negative information in your credit report, the employer must provide you with a copy of your report and a summary of your consumer rights under the Fair Credit Reporting Act .[/COLOR]

This is a really good quiz! You should turn them into polls in the poll section of FG. Each question would make for a good poll of what people think. Also it would be cool to have a more visible link to the poll section. To guide more people to it. I think it is a great tool that lets everyone see opinions and views that people have about different things. Because we all have ideas and knowledge to share with each other.

This is good info for those who are new to credit and are looking to add to their credit knowledge.

. (2) Payment history[/B] ? Paying your bills on time is the most important factor when it comes to calculating your credit score .
2. (2) False ? In most cases, cancelling unused accounts means you will have less overall credit available to you, which hurts your credit score. Also, cancelling old accounts might shorten your credit history, also hurting your score.
3. (2) False ? Checking your own credit report or score is known as a ?soft inquiry? or ? soft pull ? and has no effect on your score.
4. (3) 740 ? Lenders are becoming increasingly strict in their credit score requirements . Only those with the best scores will have access to the lowest interest rates.
5. (3) 678
6. (2) False ? Most of the credit scores sold to consumers are ?educational scores,? while lenders use what are called ?lender scores.? Educational scores are generic, all-purpose scores to give you a good idea of where you stand. Lender scores are often more loan-type specific. For instance, mortgage lenders may put more emphasis on your mortgage history. Also, each lender may have its own scoring formula that takes your income and other factors into account. For more on this topic, check out Consumer vs. Lender Credit Scores .
7. (2) False ? Creditors and lenders voluntarily supply information about your accounts to the credit reporting agencies.
8. (3) $11,000 ? If you only make the minimum payments, it will take you more than nine years to pay off that $10,000 of debt. And you?ll spend $11,680 on interest in the process. Find out how much your debt will cost you with a cost-of-debt calculator.
9. (4) All of the above ? Your monthly bank and credit card statements will show any fraudulent transactions an identity thief has made with a lost or stolen credit or debit card number, while your credit report will show unauthorized credit inquiries and account openings. Enrolling in a credit monitoring service saves you the hassle of having to remember to check your credit manually.
10. (1) True ? but only with your written permission. The employer must provide you with a separate document asking for your permission to check your credit. If you don?t get the job due to negative information in your credit report, the employer must provide you with a copy of your report and a summary of your consumer rights under the Fair Credit Reporting Act .[/COLOR]

Thanks... this was a good quiz!

:cheesing:ok, here are the answers to the questions..discuss with your FG buddies in this post or if you thought you had the right answer, discuss it, or if you think the answer is wrong ..or WHATEVER you put, post that too
enjoy!


. (2) Payment history — Paying your bills on time is the most important factor when it comes to calculating your credit score .
2. (2) False — In most cases, cancelling unused accounts means you will have less overall credit available to you, which hurts your credit score. Also, cancelling old accounts might shorten your credit history, also hurting your score.
3. (2) False — Checking your own credit report or score is known as a “soft inquiry” or “ soft pull ” and has no effect on your score.
4. (3) 740 — Lenders are becoming increasingly strict in their credit score requirements . Only those with the best scores will have access to the lowest interest rates.
5. (3) 678
6. (2) False — Most of the credit scores sold to consumers are “educational scores,” while lenders use what are called “lender scores.” Educational scores are generic, all-purpose scores to give you a good idea of where you stand. Lender scores are often more loan-type specific. For instance, mortgage lenders may put more emphasis on your mortgage history. Also, each lender may have its own scoring formula that takes your income and other factors into account. For more on this topic, check out Consumer vs. Lender Credit Scores .
7. (2) False — Creditors and lenders voluntarily supply information about your accounts to the credit reporting agencies.
8. (3) $11,000 — If you only make the minimum payments, it will take you more than nine years to pay off that $10,000 of debt. And you’ll spend $11,680 on interest in the process. Find out how much your debt will cost you with a cost-of-debt calculator.
9. (4) All of the above — Your monthly bank and credit card statements will show any fraudulent transactions an identity thief has made with a lost or stolen credit or debit card number, while your credit report will show unauthorized credit inquiries and account openings. Enrolling in a credit monitoring service saves you the hassle of having to remember to check your credit manually.
10. (1) True — but only with your written permission. The employer must provide you with a separate document asking for your permission to check your credit. If you don’t get the job due to negative information in your credit report, the employer must provide you with a copy of your report and a summary of your consumer rights under the Fair Credit Reporting Act .

okay, I will take a shot

1. Although all 3 are critical, I would say "Payment history"
2 ( B )
3 ( B )
4 ( C )
5 ( C ) although I thought the average was higher
6 ( B )
7 ( B )
8 ( B )
9 ( E )
10 ( A ) only if you sign paperwork that you agree to have the background agency your employer utilizes to do so, i.e., working within financial arena where your privy to classified information, etc..

i thought the same thing for question 5 i thought it was also higher..wow mabe i do have a shot once i do my credit fixer upper i have in store that i will share with you in the comming month i have applied for 7 credit cards over the 4th of july weekend so you will see the results along with results of this final exam(lol)

okay, I will take a shot

1. Although all 3 are critical, I would say "Payment history"
2 ( B )
3 ( B )
4 ( C )
5 ( C ) although I thought the average was higher
6 ( B )
7 ( B )
8 ( B )
9 ( E )
10 ( A ) only if you sign paperwork that you agree to have the background agency your employer utilizes to do so, i.e., working within financial arena where your privy to classified information, etc..

I think the average has risen to be around 700. Because when I pull my score, I get a rank. My scores range from 685-725.

okay, I will take a shot

1. Although all 3 are critical, I would say "Payment history"
2 ( B )
3 ( B )
4 ( C )
5 ( C ) although I thought the average was higher
6 ( B )
7 ( B )
8 ( B )
9 ( E )
10 ( A ) only if you sign paperwork that you agree to have the background agency your employer utilizes to do so, i.e., working within financial arena where your privy to classified information, etc..

think you're the credit guru? Want to be the credit card messiah? well here is a basic skills test on credit.. Come on yall!! lets have some fun and post ! post! post!! i will post the link and the answers in a month
ask some of the Finance Globe Alumni for help if you get stuck

1.What is the factor that most influences your credit score?
a.level of debt
b.payment history
c.number of open accounts

2.You should cancel credit card accounts that you no longer use.
a.true
b.false

3.Each time you check your credit score, your score suffers slightly.
a.true
b.false

4.A good credit score these days is anything over...
a.650
b.700
c.740

5.What is the average FICO score in the U.S.?
a.592
b.620
c.678

6. The credit score you buy from the credit bureaus or MyFico.com is the same score that lenders use to judge you.
a.true
b.false

7.Your creditors are legally required to send your account information to the credit bureaus.
a.true
b.false

8.If your credit card balance is 10,000, and the APR is 20%, you'll pay roughly how much in interest(assuming you only make minimum payments)?
a.2,000
b.5,000
c.11,000

9. To know if you are a victim of identity theft, you should check
a.your monthly credit card statements
b.your monthly bank statements
c.ask sherman williams
d.your credit report
e.a,b,d

10.Your employer can pull your credit report when you apply for a job.
a.true
b.false