Personal Finance: Wise Credit Management Quiz

Want to use credit wisely and pay less to borrow money? Start by taking this quiz to assess your current credit-related practices. Choose the score that best describes the frequency with which you practice each of the 20 credit management actions listed below.

Wise Credit Management Quiz

My latest credit report lists all my credit accounts as "current" or "paid as agreed". (If you have never checked a copy of your credit report, select "No".)

Yes No

My current ratio of monthly consumer debt (e.g., car loan, student loan, credit card) payments to monthly net income (e.g., $500 ÷ $2,800 = 17.86%) is less than 20%.

Yes No

I have checked my credit score within the last two years.

Yes No

I have NEVER had any of the following: collection (charged-off) accounts, judgments, liens, repossession (e.g., loan for a car), wage garnishment, foreclosure (e.g., loan for a house), or bankruptcy.

Yes No

The last time that I got a loan or credit card, I compared at least three different lenders before applying.

Yes No

I am NOT "upside down" on any of my loans (i.e., owe more than the value of the item that the loan was taken out to finance).

Yes No

I have a list of my credit card account numbers and creditor contact information to refer to in the event of loss or theft.

Yes No

I pay my credit card bills in full every month to avoid interest charges.

I always do this.

I usually (almost always) do this.

I do this about 50% of the time.

I seldom or rarely (every once in a while) do this.

I never do this.

I check my credit report annually for errors and/or evidence of identity theft.

I always do this.

I usually (almost always) do this.

I do this about 50% of the time.

I seldom or rarely (every once in a while) do this.

I never do this.

10.

I AVOID making late payments on credit card bills and incurring late fees.

I always do this.

I usually (almost always) do this.

I do this about 50% of the time.

I seldom or rarely (every once in a while) do this.

I never do this.

11.

I charge no more than half (50%) of the maximum limit available on my credit cards (e.g., no more than $2,500 of charges on a credit card with a $5,000 limit).

I always do this.

I usually (almost always) do this.

I do this about 50% of the time.

I seldom or rarely (every once in a while) do this.

I never do this.

12.

I keep a running list of my outstanding credit card expenses as I use my credit card(s) so I am aware of my current total debt level.

I always do this.

I usually (almost always) do this.

I do this about 50% of the time.

I seldom or rarely (every once in a while) do this.

I never do this.

13.

It is my personal policy NOT to co-sign a loan for anyone.

I always do this.

I usually (almost always) do this.

I do this about 50% of the time.

I seldom or rarely (every once in a while) do this.

I never do this.

14.

I use at least one credit card that has some type of "perk" such as product or service discounts and/or cash-back rewards AND am a convenience user (i.e., pay balances in full).

I always do this.

I usually (almost always) do this.

I do this about 50% of the time.

I seldom or rarely (every once in a while) do this.

I never do this.

15.

I AVOID using predatory payday loans, car title loans, check-cashing stores, rent-to-own stores, and pawnshops to obtain cash and or merchandise.

I always do this.

I usually (almost always) do this.

I do this about 50% of the time.

I seldom or rarely (every once in a while) do this.

I never do this.

16.

I use or have used several different types of credit (e.g., personal loan, car loan, credit cards, student loan, and mortgage).

I always do this.

I usually (almost always) do this.

I do this about 50% of the time.

I seldom or rarely (every once in a while) do this.

I never do this.

17.

I AVOID buying high-cost credit life insurance, credit disability insurance, and credit unemployment insurance when securing a loan and/or credit card.

I always do this.

I usually (almost always) do this.

I do this about 50% of the time.

I seldom or rarely (every once in a while) do this.

I never do this.

18.

I AVOID taking out new loans or credit cards to pay off existing debt balances.

I always do this.

I usually (almost always) do this.

I do this about 50% of the time.

I seldom or rarely (every once in a while) do this.

I never do this.

19.

I AVOID taking credit card cash advances.

I always do this.

I usually (almost always) do this.

I do this about 50% of the time.

I seldom or rarely (every once in a while) do this.

I never do this.

20.

I make credit card purchases at the beginning of my monthly billing cycle to take advantage of maximum "float" time between when purchases are made and when payments are due.

I always do this.

I usually (almost always) do this.

I do this about 50% of the time.

I seldom or rarely (every once in a while) do this.

I never do this.

Demographic Data

21.

What is your gender?

Male

Female

22.

What is your current age in years?

Under 25

25-34

35-44

45-54

55-64

65-74

75 and over

23.

What state do you live in? (If you don't live in the U.S., select "Not a U.S. Resident")

24.

What county do you live in? (If you don't live in New Jersey, select "Not a N.J. Resident")

25.

What is the highest level of education you have completed?

Some high school or less

High school graduate

Some college or trade or vocational training

Associate degree

Bachelors degree

Graduate or professional degree

26.

What is your income level?

Less than $25,000

$25,000 to $49,999

$50,000 to $74,999

$75,000 to $99,999

$100,000 or greater

27.

What is your national origin?

White

Hispanic

African-American

Asian

Native American

Other

28.

What is your marital status?

Single, no minor children

Single, with minor children

Married, no minor children

Married, with minor children

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Wise Credit Management Quiz

Wise Credit Management Quiz

Demographic Data