Credit Quiz Who are the three major credit bureaus?(Required) Visa, Mastercard, and American Express Equifax, TransUnion, and Experian Federal Reserve, FDIC, and NCUA Fico, Vantage and Creditwise What is the most important factor when determining a credit score?(Required) Amount owed New accounts/recent applications Payment history Length of time accounts have been established Why is having a high credit score beneficial when applying for a mortgage?(Required) Considered less risky to lender More likely to qualify for loans with lower interest rates Can lead to substantial savings over the life of a loan Will help with private mortgage insurance Check all that applyWhy is having a lower credit score unfavorable when applying for a mortgage?(Required) Considered a higher risk by lenders Will likely face higher interest rates and fees Will limit the available loan options Will likely result in a lower appraisal Check all that applyWhy is income stability important in a mortgage application?(Required) Lenders want to see that you are passionate about your work A steady source of income indicates a borrower's ability to make consistent mortgage payments A steady source of income is correlated with a higher credit score A lender doesn't care about income stability or gaps in employment history What impact does a high debt to income ratio have on a mortgage application?(Required) No impact, lenders will look past this Minor impact that will increase my interest rate Major impact that can lead to denial or require you to seek a co signer No impact, as long as your credit is good What Is something you can do to improve or maintain your credit score?(Required) Pay down your debts Take out a new auto loan Apply for a retail store credit card Make on-time payments on ALL of your accounts Check all that applyWhat can I do to remain/become mortgage-eligible?(Required) Avoid adding/increasing debt in your credit report Make all of your payments on time Maintain steady employment File taxes on time Check all that apply