Contest!!!!

Here's a quiz from our good friends at fair isaac that if you get all 25 question correctly you are entered in a lottery to have your debts paid down by $10,000.
I see no reason why it shouldn't be a credit netter who wins, especially if we cheat, figure out all of the correct answers ourselves first and then stuff the ballot box... here's the link to the quiz and the quiz as well- I marked with X's the one i'm 80% sure about--I ended up getting around a 75%. Post if you've got the other answers!

http://www.myfico.com/quiz/QuizHome.asp
1. If you get a home mortgage loan, you will have to pay for private mortgage insurance (PMI) unless you pay at least how much down?
A. 5 percent
B. 10 percent
C. 15 percent
D. 20 percent X
E. 25 percent


2. Which type of loan is based on the difference between the appraised market value of your home and the principal amount you still owe on it?
A. Home equity loan X
B. Home mortgage
C. Consumer loan
D. Small Business Administration (SBA) loan


3. According to most experts, what is the maximum percentage of your take-home pay (net pay) that should be taken up by regular monthly expenses such as food, utilities, car payments, and rent or mortgage?
A. 36%
B. 50%
C. 65%
D. 80%


4. Lease or buy? You should consider leasing a car rather than taking out an auto loan to buy one if which of the following applies:
A. You expect to trade it in for a new one within two or three years X
B. You want to deduct the interest payments from your income tax
C. You trust the work by factory-trained auto mechanics more than by independent operators
D. In return for paying it off sooner, you're willing to pay more money each month


5. One of the best ways to pay off a home mortgage loan early is to make just one extra mortgage payment each year for the life of the loan. Assume you have just received a 30 year fixed-rate mortgage for $100,000 with a 6 percent interest rate. One extra payment each year means you will pay off this mortgage loan in approximately:
A. 15 years
B. 18 years
C. 21 years
D. 24 years
E. 27 years


6. Which of the following is a major feature that debit cards offer but credit cards can't?
A. A debit card is issued by a bank or other financial institution that guarantees to pay for anything you buy with the card, up to your credit limit
B. You pay a low interest rate on any unpaid balances
C. You can use a debit card to buy groceries or gas
D. When used, the money comes straight out of your checking or savings account X


7. What does "finance charge" usually refer to when discussing credit cards?
A. The annual fee charged by most credit card companies
B. The interest you owe the issuer of a credit card for a balance that you have carried over from the previous month X
C. The amount you pay the creditor to close your credit card account
D. The late fee charged by the issuer of a credit card when your payment arrives after the stated due date


8. People who want to start establishing their credit are sometimes advised to get a "secured" card. Which of the following applies to secured cards?
A. Lenders may charge you a lower interest rate
B. You leave an offsetting balance equal to your credit line on deposit at the bank
C. Your lender will view you as a less risky borrower
D. A and C
E. All of the above X


9. Say you have $8,000 of credit card debt at an 18 percent annual interest rate. You also are keeping $8,000 in a savings account on which you are earning 2 percent a year. Which of the following is true?
A. With compound interest, you'll break even in nine years
B. You are losing 16 percent a year on your money X
C. You should ignore the credit card interest rate since you have the money in the bank to pay off the card in full
D. Your balance sheet will improve if you request a cash advance from your credit card account and deposit that money into your savings account


10. You owe $25,000 on a personal credit card and you decide that you will never charge another penny on this card. You pay $500 every month to the credit card issuer, and your interest rate remains at 18 percent APR (annualized percentage rate). How long will it take you to pay off this debt in full if you don't use the card again?
A. 4 years
B. 8 years
C. 12 years
D. 16 years
E. 20 years


11. True or false? Your credit report will look better to lenders after bankruptcy since you no longer will owe any debts.
A. True
B. False X


12. Which of the following are good ways to help protect yourself from identity theft?
A. Check your credit report at least once a year, and investigate if you find accounts that aren't yours
B. Rip up, or better yet, shred, any credit card applications, bank or billing statements, and any other sensitive documents
C. If you don't get a bill for one of your credit cards in any given month, call the issuer immediately. Don't just assume you're off the hook that month
D. Use a locked mailbox for incoming and outgoing mail (especially bills)
E. A and B
F. All of the above X


13. If you are turned down for credit, lenders are required to provide you with which of the following?
A. A copy of your credit report, if one was used in the evaluation of your application
B. The specific reasons you were turned down, or instructions on how to get those reasons X
C. A copy of the federal Equal Credit Opportunity Act
D. A and B
E. All of the above


14. True or false? Seeking help from a non-profit counseling agency will ruin your credit rating.
A. True
B. False


15. True or false? A creditor can turn your account over to a collection agency even if you are paying to reduce the account balance.
A. True
B. False


16. True or false? Lenders prefer to loan money to people with lower FICO scores because they pose less credit risk and are more likely to pay back borrowed money as agreed.
A. True
B. False X


17. Which one of these is a factor used in FICO scores?
A. Credit card balances X
B. Income
C. Age
D. Race
E. A and B


18. True or false? If you have some credit cards that have zero balances and that you haven't used in a long time, a simple strategy for improving your FICO score is to have your creditors close those accounts.
A. True
B. False X


19. Which factor is most important in calculating FICO credit scores?
A. Length of credit history
B. Amounts owed
C. Payment history X
D. Types of credit in use


20. When it appears on credit reports, which of the following is ignored when calculating your FICO score? (may be more than one)
A. Zip code
B. Past due amount
C. Previous employer
D. Credit limit
E. Date of last activity
F. A and C X
G. All of the above


21. How long does a late payment normally stay on your credit report?
A. 1 year
B. 3 years
C. 7 years X
D. 10 years


22. When you marry, your credit report:
A. Is merged with your spouse's credit history
B. Stays the same X
C. Shows your spouse's debt in a separate section
D. Is wiped clean so you can start again


23. True or False: An employer is permitted by the federal Fair Credit Reporting Act to get a copy of your credit report without your permission when you apply for a job.
A. True
B. False X


24. Which of the following information about you is included on your credit report?
A. Ethnic group
B. Income or salary
C. Birth date X
D. Mother's maiden name
E. Years spent at current address
F. Checking account balance


25. How many years does a Chapter 7 bankruptcy normally stay on your credit report?
A. 10 years
B. 5 years
C. 7 years X
D. Forever

 

j,
I agree I think a large part of the test is a bit of propaganda. I also don't think many people have actually taken it because it was meant for real estate professionals. I also agree that we should get all of the correct answers first before we spam them!!...
Lastly on the bankruptcy Question I know they can leave it on for 10 years, but don't credit bureaus usually only leave it on for 7 years?

 

Okay I fiddled and finally got a perfect score... here are the results...(if you just use a bogus new email address it lets you do it again...)


1. d
2. a
3. c
4. a
5. d
6. d
7. b
8. e
9. b
10.b
11. b
12. f
13. b
14. b
15. a
16. b
17. a
18. b
19. c
20. f
21. c
22. b
23. b
24. c
25. a

 

Okay I fiddled and finally got a perfect score... here are the results...(if you just use a bogus new email address it lets you do it again...). Voila now you too can be a credit genius!! Boy some of those answers are stinkers though--very obviously wrong. Oh and you can very simply win the quiz for everyone you know--once you get to the page for your personal info you got to FILE and select New Window. Fill out this new page with whoevers info and submit it and ignore for now the other page. Fill out the quiz and submit. Click back once and you are back to your answers on the quiz. Now go back to the original window and put in someone elses info(the minimum is that the email be different). Now go back to the second page that has the answers and click submit. repeat as needed. It may sound a little complex, but is really very quick.


1. d
2. a
3. c
4. a
5. d
6. d
7. b
8. e
9. b
10.b
11. b
12. f
13. b
14. b
15. a
16. b
17. a
18. b
19. c
20. f
21. c
22. b
23. b
24. c
25. a