FICEP CERTIFIED QUALITY EXAM REVIEW WITH QUESTIONS
AND CORRECT ANSWERS GRADED A+ LATEST 2026/27
COMPLETE STUDY GUIDE
Which of the following statements about credit score analysis
is false?
A. Payment history has the least influence on one's credit
score.
B. To improve one's capacity, a member needs to pay off debt
rather than transferring it.
C. The largest single influence on a credit score is an
individual's payment history.
D. It can be counterproductive to close older, well-established
credit lines.
A. Payment history has the least influence on one's credit
score.
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Which of the following statements about actions that lower
credit scores is false?
A. The 3 ways late payments can hurt credit scores are
frequency, recent, & severity.
B. Maxed-out credit cards may reduce credit scores by as
much as 100 points.
C. Closed accounts in good standing are usually removed from
the credit report within 10 years.
D. Inquiries do not impact credits scores.
,D. Inquiries do not impact credits scores.
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Individuals with high credit scores have:
A. History of closing loans soon after opening them.
B. High percentage of available revolving credit.
C. Many credit cards or loans with balances.
D. Low percentage of available revolving credit.
B. High percentage of available revolving credit.
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Which of the following statements is true?
A. A judgment is an arbitrary ruling that settles a lawsuit by
defining the obligations of the parties involved.
B. A lien is a verbal claim against a specific item owned by a
debtor.
C. There is a federal law that says wages can be garnished for
child support payments.
D. A garnishment does not require an employer to withhold a
specific amount from an employee's wages to repay debt..
C. There is a federal law that says wages can be garnished for
child support payments.
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,When dealing with creditors/collectors, it's important for
members to:
A. Be proactive.
B. Avoid them altogether.
C. Be honest & tell the collector they have no intention of
paying.
D. Extend the time to pay the collection for as long as possible.
A. Be proactive.
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Which of the following statements is false?
A. Once a collection is paid, the negative history is immediately
removed from one's credit report.
B. Collection agencies are open to negotiation.
C. In some situations, it may be beneficial to settle a debt in
collections.
D. Members should never agree to an unaffordable payment
plan.
A. Once a collection is paid, the negative history is immediately
removed from one's credit report.
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The amount a cardholder is required to pay each month is the:
A. Late fee.
B. Annual fee.
, C. Grace period.
D. Minimum payment.
D. Minimum payment.
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Which of the following is an advantage of using a credit card?
A. There is not a fee for late payments.
B. One's credit score is not impacted by late payments.
C. Peace of mind knowing funds are available.
D. Identify theft is impossible when using a credit card.
C. Peace of mind knowing funds are available.
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Which of the following statements is false regarding tips to
avoid credit card problems?
A. Avoid using credit cards to finance an unaffordable lifestyle.
B. Accept unsolicited increases to credit limit to help maximize
borrowing power.
C. Pay more than the minimum payment when possible.
D. Don't have a high balance when relying on temporary teaser
rates
B. Accept unsolicited increases to credit limit to help maximize
borrowing power.
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AND CORRECT ANSWERS GRADED A+ LATEST 2026/27
COMPLETE STUDY GUIDE
Which of the following statements about credit score analysis
is false?
A. Payment history has the least influence on one's credit
score.
B. To improve one's capacity, a member needs to pay off debt
rather than transferring it.
C. The largest single influence on a credit score is an
individual's payment history.
D. It can be counterproductive to close older, well-established
credit lines.
A. Payment history has the least influence on one's credit
score.
Webinar 5
Which of the following statements about actions that lower
credit scores is false?
A. The 3 ways late payments can hurt credit scores are
frequency, recent, & severity.
B. Maxed-out credit cards may reduce credit scores by as
much as 100 points.
C. Closed accounts in good standing are usually removed from
the credit report within 10 years.
D. Inquiries do not impact credits scores.
,D. Inquiries do not impact credits scores.
Webinar 5
Individuals with high credit scores have:
A. History of closing loans soon after opening them.
B. High percentage of available revolving credit.
C. Many credit cards or loans with balances.
D. Low percentage of available revolving credit.
B. High percentage of available revolving credit.
Webinar 5
Which of the following statements is true?
A. A judgment is an arbitrary ruling that settles a lawsuit by
defining the obligations of the parties involved.
B. A lien is a verbal claim against a specific item owned by a
debtor.
C. There is a federal law that says wages can be garnished for
child support payments.
D. A garnishment does not require an employer to withhold a
specific amount from an employee's wages to repay debt..
C. There is a federal law that says wages can be garnished for
child support payments.
Webinar 5
,When dealing with creditors/collectors, it's important for
members to:
A. Be proactive.
B. Avoid them altogether.
C. Be honest & tell the collector they have no intention of
paying.
D. Extend the time to pay the collection for as long as possible.
A. Be proactive.
Webinar 5
Which of the following statements is false?
A. Once a collection is paid, the negative history is immediately
removed from one's credit report.
B. Collection agencies are open to negotiation.
C. In some situations, it may be beneficial to settle a debt in
collections.
D. Members should never agree to an unaffordable payment
plan.
A. Once a collection is paid, the negative history is immediately
removed from one's credit report.
Webinar 5
The amount a cardholder is required to pay each month is the:
A. Late fee.
B. Annual fee.
, C. Grace period.
D. Minimum payment.
D. Minimum payment.
Webinar 5
Which of the following is an advantage of using a credit card?
A. There is not a fee for late payments.
B. One's credit score is not impacted by late payments.
C. Peace of mind knowing funds are available.
D. Identify theft is impossible when using a credit card.
C. Peace of mind knowing funds are available.
Webinar 5
Which of the following statements is false regarding tips to
avoid credit card problems?
A. Avoid using credit cards to finance an unaffordable lifestyle.
B. Accept unsolicited increases to credit limit to help maximize
borrowing power.
C. Pay more than the minimum payment when possible.
D. Don't have a high balance when relying on temporary teaser
rates
B. Accept unsolicited increases to credit limit to help maximize
borrowing power.
Webinar 5
