Quiz: How much do you know about credit scores?

Is the term 'credit score' absent from your vocabulary? Well, we're here to help change that!

A credit score is an important part of finance. So, it's a good idea to understand what it is and how it can affect you. We know finance can be a bit dreary, so we've created a quiz to test your knowledge and add a bit of fun to the learning.

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So, what actually is a credit score?

A credit score is a tool used to determine whether you qualify for a credit card, loan or mortgage. So, if you borrow money, lenders (like a bank) will check your credit score before deciding whether to accept your application. The higher your credit score, the better your chances of a successful application, at the best rates.

What factors affect your credit score?

Your credit score reflects how you have managed your bills and debts in the past. So, if you've borrowed money before and been consistent with repayments, this will better your rating. We've created a quiz to test your knowledge on the things that could affect your credit score...

How can you check your credit score?

How your credit score is calculated depends on the company you're applying to. Different companies have different methods, so your credit rating may vary. Companies such as Experian and Equifax are two of the most popular UK sites.

So, that's what a credit score is. If you're wanting further advice, visit some credit score websites for more targeted information. Have you taken our quiz yet? Let us know how you did in the comments!