Personal Finance

Are You Credit-Savvy? Take the Quiz!

| by PhilipTirone

Having a great credit score is the cornerstone of any loan or credit card application. So let’s see just how credit-savvy you are with this ten-question quiz.


1.     Becoming a cash-only citizen is the best thing you can do to repair credit after a bankruptcy, foreclosure, or other financial disaster.

A.   True

B.    False


2.     Five factors determine your credit score. Which is the most important?

A.   Account age

B.    Credit type

C.    Payment history

D.   Outstanding balances

E.    Credit inquiries


3.     You will hurt your credit score if you request your credit report.

A.   True

B.    False


4.     Approximately how many people have errors on their credit reports?

A.   25 percent

B.    50 percent

C.    80 percent

D.   65 percent

E.    5 percent


5.     When computing your credit score, the credit-scoring bureaus ignore your salary.

A.   False

B.    True


6.     Which of the following statements is true?

A.   The maximum balance you carry on your credit cards is irrelevant so long as you pay it in full each month.

B.    You must carry a balance on your credit cards or your credit score will be lowered.

C.    The maximum balance you carry on your credit card should never exceed 30 percent.

D.   If you ask the credit card companies to lower your credit card limits, your credit score will increase.

E.    You should consolidate all your credit card debt onto the credit card with the lowest interest rate.


7.     If you are married, your spouse’s credit history will be merged with your credit history.

A.   True.

B.    False.


8.     How many credit cards should you have?

A.   Zero. It’s best to be a cash-only citizen.

B.    One or two.

C.    Between three and five.

D.   Between five and eight.

E.    As many as you can qualify for.


9.     When a retail store clerk says you will save 10 or 15 percent on today’s purchases by applying for a retail-specific credit card, you should jump at the chance!

A.   True.

B.    False.


10.   What type of credit will always hurt your credit score?

A.   Secured credit cards.

B.    Installment loans.

C.    Buy-now-pay-nothing-for-six-months loans

D.   Student loans.

E.    Joint credit cards.


Now tally your score.

  • One point for each “B” answer to questions 1, 3, 5, 7, and 9.
  • One point for each “C” answer to questions 2, 4, 6, 8, and 10.


Multiple the combined total by ten to find your grade:

  • 100 percent: A+!
  • 90 percent: A
  • 80 percent: B
  • 70 percent: C
  • 60 percent: D
  • 50 percent and below: F


Click to learn more about each of these ten questions.