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Lesson 7: How To Handle Bad Credit

1 Quiz
- Lesson 7: Quiz

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Essentials Quiz
Lesson 1: Quiz
Lesson 2: Quiz
Lesson 3: Quiz
Lesson 4: Quiz
Lesson 5: Quiz
Lesson 6: Quiz
Lesson 8: Quiz
Lesson 9: Quiz
Lesson 10: Quiz
Final Exam

Quiz 7 of 12

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Lesson 5: Quiz

Wise Credit Management Lesson 5: Quiz

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Question 1 of 4

1. Question
What is the one thing most people can do to increase their score within 30 days?
- Pay credit cards down to 1% of the available credit
- Run up your credit cards
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Question 2 of 4

2. Question
How can you get an 850 credit score?
- Have about 5 term loans, 6 to 11 revolving accounts with a 1% utilization rate on each account, have a healthy mix of account types, all your accounts need to be over 4 years old with an average of about 10 years and you cannot have a single late payment or derogatory account
- Listen to people who don't have 850 credit scores
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Question 3 of 4

3. Question
What credit score do you need for the lowest interest rate on a mortgage?
- According to most pricing models, any middle mortgage score over 760 on your FICO 2, 4 & 5 will get you the best interest rate
- Not having a credit score will get you the best rate
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Question 4 of 4

4. Question
Can you buy a home after you file for bankruptcy protection?
- FHA will approve you as soon as 2 years after bankruptcy as long as you rebuild credit during that time
- No, your life is over
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