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Quiz: can you cut through the credit score jargon?

Aussie Home Loans blog

Mortgage Resource

7 years ago

Do you feel a little bamboozled by the credit score buzzwords? Take our quiz to find out how you fare (and find out the true meaning of some of those tricky terms).

What is a decision tree?

Software that pairs you with a credit score.

What you plant in your garden when you’re struggling to make a big decision.

A risk assessment system that calculates the risk of default using statistics.

The latest app to help you save.

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How (in credit score terms) would you describe a revolver?

A person who was able to turn a bad credit score into a good one.

Someone who continually reapplies for credit cards.

Someone who feels a little spun out about staying on top of your credit score.

A person that never pays the full amount of their credit card balance each month, so they keep incurring more interest.

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What do the letters CCR stand for?

Comprehensive Credit Reporting.

Creedence Clearwater Revival, obviously.

Credit Card Rebate.

Competitive Credit Rating.

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In credit score terms, what is the term ‘delinquent’ referring to?

Someone who will never, ever have a good credit score.

A person who has been unable to make credit card repayments, even though they’ve been reminded.

A person who doesn’t really care about their credit rating.

A person who uses credit cards to pay off other credit cards.

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What is a chargeback?

When you ask the credit reporting company to run your numbers again, just in case they were wrong the first time.

A sort of credit card IOU.

Your right to ask your credit card company to reverse a transaction because you didn’t receive your goods or service.

When you have buyer’s remorse and return an item to receive credit on your card.

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What does a ‘skip’ refer to?

When you miss just one credit card repayment.

What happens to your heart when you receive a particularly shocking bill.

When you don’t advise your lender of your new address.

A person who bounces from bank to bank in the hope of securing a loan.

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What is a default – in a credit reporting context?

When a debt of $100 or more goes 60 days without being paid.

The step before going bankrupt.

The mode your credit card goes into when suspicious transactions are noted.

When you’re charged for an international call on your phone bill that you didn’t make.

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What is a Comparison Rate?

The range of credit ratings you receive after consulting with numerous lenders.

A percentage that helps you calculate the true cost of different loans.

An app that helps you make educated guesses when weighing up products.

A ranking of the best loan for you, based on your credit score.

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Share the quiz to show your results !