Do you know your credit score? If so, take this credit score quiz to see if we can guess your score correctly. Of course, without knowing traditional factors that determine one's credit, like payment history or credit age, a quiz like this cannot determine your actual score. Credit scores are important, but this quiz is just for fun. Take the quiz and then read on to learn more about why credit scores are important to know.
Credit scores might seem like a simple number, but they can make a large impact. A credit score can determine if you qualify for loans, receive lower interest rates, get a credit card, and more. How does a credit score work? Credit bureaus collect information that can help determine your creditworthiness. Your score indicates to the lender or issuer your capacity to repay a loan.
You should always be mindful of what can impact your credit score. For instance, utilizing 100% of your credit limit and attempting to open too many credit accounts can cause you to have a lower credit score altogether. Explore ways to improve your credit, such as always making payments on time and limiting your request for new credit.
Were we able to guess your credit score correctly in this quiz? It's important to not only know your credit score, but also understand how it is beneficial to helping you achieve your financial goals in the future. Your credit history and score can determine a lot of things and may even help you find the love of your life or ensure you can purchase your dream home one day.
If you are interested in learning more about credit scores, check out Credit Scores 101.
If you're looking to improve your credit score, check out How to Build Your Credit Score (by Doing Next to Nothing).