Personal Credit Building โ Interactive Course
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Test Your Credit Knowledge
Work through each module quiz, then tackle the Final Exam to earn your completion certificate.
5Modules
30Questions
70%To Pass
0Completed
Overall Progress
0%
1
Credit Fundamentals
6 questions ยท Multiple choice & True/False
๐ Quick Recap
Credit is a measure of your reliability as a borrower. Lenders use your personal credit history to gauge risk โ even for business loans. Your report is maintained by three bureaus: Equifax, Experian, and TransUnion, and lenders may pull one or all three.
1
Which of the following BEST describes what a credit score measures?
Multiple Choice
2
How many major credit bureaus collect and maintain your credit history in the United States?
Multiple Choice
3
True or False: When applying for a small business loan, lenders never look at the owner's personal credit history.
True / False
4
True or False: All three credit bureaus always have identical information in your credit file.
True / False
5
A new business owner typically has their personal credit tied to business loan decisions until the business has established its own credit history for approximately how long?
Multiple Choice
6
Fill in the blank: Personal credit is primarily used by lenders to assess __________ before approving a loan.
Fill in Blank
Hint: It's a four-letter word related to danger or probability of loss.
2
Credit Score Anatomy
6 questions ยท Score factors & ranges
๐ Quick Recap
Your FICO score has five factors: Payment History (35%), Amounts Owed (30%), Length of History (15%), Credit Mix (10%), and New Credit (10%). Scores range from 300โ850. Most SBA lenders require 680+; conventional banks typically want 700+.
1
Which factor has the GREATEST impact on your FICO credit score?
Multiple Choice
2
A FICO score of 760 falls into which credit range category?
Multiple Choice
3
True or False: "Amounts Owed" refers only to your total debt balance, not your credit utilization ratio.
True / False
4
Match each FICO factor to its correct percentage weight. Select the correct weight for: Length of Credit History.
Multiple Choice
5
What is the minimum FICO score typically required by most conventional banks for business lending?
Multiple Choice
6
True or False: Having a mix of credit types (cards, auto loan, mortgage) can positively impact your credit score.
True / False
3
SBA Loan Requirements
6 questions ยท Program specifics & credit thresholds
๐ Quick Recap
The most popular SBA programs include: SBA 7(a) (640โ680+, general use), SBA 504 (680+, real estate/equipment), SBA Microloan (575+, startups under $50K), and SBA Express (680+, fast approvals). A higher score always unlocks better terms, even if you meet the minimum.
1
Which SBA loan program is BEST suited for purchasing commercial real estate and major equipment?
Multiple Choice
2
True or False: Meeting the minimum credit score requirement for an SBA loan guarantees approval.
True / False
3
Which SBA program has the LOWEST minimum credit score requirement, making it most accessible to borrowers with limited credit?
Multiple Choice
4
The SBA Microloan program is designed primarily for which type of borrower or loan size?
Multiple Choice
5
True or False: A higher credit score than the minimum required will typically result in better loan terms and interest rates on an SBA loan.
True / False
6
Fill in the blank: The SBA Express loan is known for its __________ approval process compared to other SBA programs.
Fill in Blank
Hint: Think speed โ that's literally in the program name.
4
Building & Protecting Your Credit
6 questions ยท Strategies & common mistakes
๐ Quick Recap
Key strategies: pay on time (biggest factor), keep utilization below 30% (below 10% is ideal), don't close old accounts, limit hard inquiries, dispute errors, and consider becoming an authorized user. Mistakes include maxing cards, co-signing carelessly, and ignoring collections.
1
What is the recommended maximum credit utilization rate to avoid negatively impacting your score?
Multiple Choice
2
True or False: Closing an old credit card account you no longer use will improve your credit score.
True / False
3
How much can a single missed payment typically drop your credit score?
Multiple Choice
4
Which strategy allows you to benefit from another person's positive credit history without being the primary account holder?
Multiple Choice
5
True or False: Unpaid collections can remain on your credit report for up to 7 years, even for small balances.
True / False
6
Fill in the blank: To maintain the best possible credit utilization, you should aim to keep your balances below __________ of your credit limit.
Fill in Blank
Hint: We said 30% is the maximum โ but what's the ideal target?
5
Conventional Lending Standards
6 questions ยท The 5 Cs & lender types
๐ Quick Recap
The 5 Cs of Credit: Character (credit history), Capacity (ability to repay), Capital (your investment), Collateral (assets pledged), and Conditions (market/purpose). National banks require 720+, community banks 680+, credit unions 660+, and online lenders 600โ650+ with higher rates.
1
Which of the 5 Cs refers to assets you pledge to secure a loan, reducing the lender's risk?
Multiple Choice
2
Which type of lender typically offers the most flexibility and a relationship-focused approach to small business lending?
Multiple Choice
3
True or False: Online lenders typically offer lower interest rates than traditional banks because of their lower overhead costs.
True / False
4
The "C" in the 5 Cs that refers to your income, cash flow, and debt-to-income ratio is:
Multiple Choice
5
Which lender type requires the HIGHEST minimum credit score for conventional business lending?
Multiple Choice
6
True or False: "Character" in the 5 Cs refers only to your personality and reputation in the community, not your credit report.
True / False
๐
Final Exam โ Comprehensive Assessment
6 questions ยท Mixed topics ยท 70% to pass
Ready for the Final?
This exam covers all five modules. You'll need to score at least 70% (5 out of 6 questions) to earn your completion certificate. Take your time and trust what you've learned.
6 Questions
70% to Pass
All Modules
Instant Score
A
100%
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6
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