Test Your Knowledge of Credit Scores
Too Many People Don’t Know the Details
By Lew Sichelman | Special to Banker & Tradesman | Dec 13, 2020 | Reprints | Print
Lew Sichelman
When it comes to credit scores, low-income folks have far less knowledge, according to the results of a recent quiz developed by the Consumer Federation of America and VantageScore. But even high-income respondents didn’t have all the answers.
These days, everyone from your local utility to your cellphone carrier bases decisions on credit scores, at least in part. But they are particularly key for mortgage lenders.
The difference between a high score and a low one can mean the difference between being approved or rejected for financing. And even if you do pass muster, borrowers with lower scores will usually pay more than those with higher ones.