Credit Ability Quiz

1. I pay my bills when they are due

A. Always B. Sometimes C. Never

2. After paying my regular bills each month, I have money left.

A. Always B. Sometimes C. Never

3. I know how much I owe on my credit cards each month before I receive my bills.

A. Always B. Sometimes C. Never

4. When I get behind in my payments, I ignore the past due notices.

A. Never or Not Applicable B. Sometimes C. Always

5. When I need more money for my regular living expenses, I take out a loan or use the line of credit on my credit card or checking account.

A. Never B. Sometimes C. Always

6. If I wanted to see a copy of my credit report, I would contact...

A. A credit reporting agency B. My lenders C. My lawyer

7. My credit record shows that I am current on all my loans and charge accounts.

A. Yes B. Don't know C. No

8. I pay more than the minimum balance due on my credit card accounts.

A. Always B. Sometimes C. Never

9. To pay off my current credit and charge card accounts would take

A. 4 months or less B. 5 to 8 months C. Over 8 months

10. My consumer loans (including auto loans, but not mortgage payment) and credit card bills each month average more than 20% of my take home pay.

A. Never B. Sometimes C. Always

11. If I had serious credit problems, I would contact my creditors to explain the problem.

A. Yes B. Probably C. No

12. If I default (don't repay) on a loan, the fact can stay on my credit report for..

A. 7 years B. 3 years C. 1 year



31-36 - You have excellent knowledge of credit and its responsible use.

24-30 - You need to take steps toward a better understanding of the credit process and your personal finances.

18-23 - You probably need to take a serious look at your personal finances. Consider controlling your spending and keeping on a tight budget.

12-17 - You may be heading for serious trouble. Consider seeking help, perhaps from a nonprofit budget and credit counseling agency.