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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
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Lesson 3: Quiz
Lesson 4: Quiz
Lesson 5: Quiz
Lesson 6: Quiz
Lesson 8: Quiz
Lesson 9: Quiz
Lesson 10: Quiz
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Lesson 10: Quiz

Wise Credit Management Lesson 10: Quiz

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Question 1 of 5

1. Question
Can you get your actual mortgage FICO Scores?
- Yes, go to myfico.com and buy your actual mortgage scores from the company that calculates your scores.
- No, it's not possible to know your own score.
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Question 2 of 5

2. Question
In general, is there a relationship between credit scores and interest rates?
- The higher your credit scores are the lower your interest rate will be
- Credit scores are never considered in your interest rate
- “They” decide your rate by your physical appearance and charm
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Question 3 of 5

3. Question
Will it help to show the loan officer that you can make the high monthly payments on a nice, new, expensive car?
- The less debt you have the more you can be qualified to spend on a home and/or the lower your housing payment will be and buying a new car or applying for new debt in general can hurt your credit and DTI
- You should find out what kind of car the loan officer drives then buy one just like it
- All successful homeowners drive expensive cars they can’t afford
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Question 4 of 5

4. Question
Is there one type of mortgage with one standard set of qualifications?
- There are many different types of mortgages available with different qualifications, but the basics remain the same
- All mortgages require a down payment
- All mortgages have monthly fees called PMI regardless of the amount of your down payment
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Question 5 of 5

5. Question
What should you do with any money you can save as a down payment?
- You should save the difference between your rent and your estimated PITI in a savings account along with $100 extra for maintenance
- Keep it in cash in a Ziploc bag under the sink
- New furniture for the house
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