take the credit quiz
Whats Your Credit IQ?
Test your credit savvy with this quick quiz. For each question, note the response that best matches your situation. After you’ve taken the quiz, check out your Credit IQ at the bottom of this page.
1. When do you tend to pay your credit bills?- (a) When I receive them
- (b) As close to the due date as possible
- (c) I skip some payments
- (a) The entire balance
- (b) A good portion of the amount I owe
- (c) Only the minimum payment
- (a) None, I pay my entire balance each month
- (b) Less than half
- (c) I have charged up to the limit on most of my cards
- (a) Less than 10%
- (b) 11%-20%
- (c) More than 20%
- (a) Yes
- (b) I have a rough estimate
- (c) I'm afraid to add it up
Did you answer “c” to any of the questions? Then you might need to re-examine your budget, financial priorities, and credit obligations. If you’re unable to make your credit card payments, try the following:
- Drastically reduce your credit card usage. If necessary, leave your card at home.
- If you cannot make payments on time, contact creditors immediately.
- Develop a plan to repay your debt, and do your best to follow that plan.
- Note the names and phone numbers of your specific contacts at the creditors’ offices. Follow up your phone conversations with letters confirming any agreements.
- Keep in continual contact with your creditors until the problem has been resolved.
Bankruptcy should be a last resort for solving financial problems—it doesn’t wipe your credit slate clean or give you a fresh start. And it stays on your credit report for up to ten years.
For additional help in budgeting or working out your debt problems, call (800) 388-2227 for the nearest National Foundation for Credit Counseling affiliated agency.
The content on this page is based on Quiz Yourself on Credit, prepared by the National Foundation for Consumer Credit.
