When it comes to borrowing, do you know your stuff? Can you tell your credit score from a cricket score?
Are you confident you’ll be accepted for the mortgage or loan you want to apply for? And do you know if your credit situation is good, bad or maybe a little ugly?
With our quick and easy credit score quiz, we can help you find out a little bit more about where you stand – and what you can do if you need to get your finances back on track.
How much does your credit score matter to lenders?
a) Not much. A lender only really wants to know if I earn enough to pay back what I owe.
b) It’s a helpful guide, but it’s more about the personal details included in my application.
c) A lot. My score is based on my credit history – and shows if I’m a responsible borrower.
Your credit card has a £2,000 limit. How much of it do you spend each month?
a) All of it. I’m almost always maxing out my credit card.
b) Nothing. I haven’t needed my credit card for months.
c) I only use it for small purchases which I can pay off in full
Are you registered to vote at your current address?
a) No, I’m not. I don’t really bother with that sort of thing.
b) I put myself on the electoral roll in the last year-or-so.
c) I am. I’ve been registered to vote here for 3 years now.
How many loans or credit cards have you applied for recently?
a) 4 or 5. I kept being turned down, so tried again with someone else.
b) 1 or 2. A balance transfer credit card and a loan to upgrade my car.
c) None. I’m manging just fine with the credit available to me for now.
How much of your credit card balance do you pay off each month?
a) Just the amount I need to, although I did miss a payment a couple of months ago.
b) Not always the full balance, but it’s always the most I can afford to pay that month.
c) All of it – no questions asked. I’ve even set up a Direct Debit to do it automatically.
You might have ‘bad’ credit, but why?
a) I took out a payday loan at a high rate of interest.
b) I still have outstanding debt on my existing loan, mortgage or credit card.
c) I have a less-than-perfect (or non-existent) credit history, so I can’t prove to lenders that I will be able to pay back what I owe.
Have you ever checked your credit report?
a) Nope. Why – should I?
b) I signed up for a free trial a couple of years ago but haven’t seen the need to check since.
c) I check mine often. I’ve moved home too, so want to make sure my details are up to date.
How did you do?
This isn’t a good sign. It looks like you don’t fully understand what your credit score is and how important it can be. You also might have a poor credit rating, but don’t worry – you may still be eligible for a credit card that helps you repair your score. But that’s if you use it responsibly and pay your balance in time and in full.
You’re doing OK. You’ve some idea of your credit situation, even though it might not be perfect. You’re unlikely to get the best credit card and loan offers available, but you still have options if you need them. Continued responsible use will only help you in the long run.
You’re our quiz whiz! You know the ins and outs of what a credit score is, and it sounds like you’re in good financial health too. It means you’ll get the best offers, like longer-period balance transfer or rewards credit cards or lower rates on a loan. But remember to keep up those good habits!
Article continues below
Apply with confidence
Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender.