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How money smart are you?

1^st June 2020

How money smart are you?

Money can be a difficult topic to talk about, because of this people may not know all they need to know about credit scores or securing a loan. You might want to learn more about these, by reading our helpful guides.

On Facebook we put our follower’s knowledge to the test to see how much they knew about finance and the loan application process. 81% were correct in knowing you don’t have to be a homeowner to take out an unsecured loan from Dot Dot Loans but 88% incorrectly thought that checking your own credit score affects your score.

You can now view the results and even play along to our fun quiz with our new infographic below.

When it comes to finance, do you know your stuff. Check out the results from our Money IQ test and find out how money smart you are.

See how many people got correct answers to your Money IQ test... Question: Which of these could have an impact on your credit score? A. County Court Judgement (CCJ) 30%, B. Registering to vote 5%, C. Being declared bankrupt 12%, D Missed credit card payments 9%, E. All of the above 44%. Answer: E. All of the above.

Question: Which of these does not have an impact on your credit score? A. Council tax arrears 4%, B. Car parking or driving finds 17%, C. Student Loans 11%, D. PPI claims 29%, E. All of the above 38%. Answer: E. All of the above

Question: Do I need to be a homeowner to take out an unsecure loan? A. Yes 19%, B. No 81%. Answer: B. No

Question: Is it beneficial to know your credit score? A. Nope. Why - should I? 9%, B. Yes 91%. Answer: B. Yes

Question: Which agencies get information about your credit file? A. Equifax 5%, B. Experian 27%, TransUnion 1%, D. All of the above 67%. Answer: D. All of the above.

Question: What is the name of the search that appears on your credit file when you apply for a loan? A. Hard search 22%, B. Soft search 8%, C. Eligibility check 70%. Answer: A. Hard search.

Question: How frequently should you check your bank and credit card statements? A. Every month 96%, B. Every couple of months 2%, C. You don't need to check your statements 2%. Answer: A. Every month.

Question: Does checking your own credit score affect your score? A. Yes 12%, B. No 88%. Answer: B. No.

How did you do on the quiz? 0-2 Not so good, 3-7 Good, 8 Great. If you want to improve your Money IQ check out other articles on our blog about managing your budget! Dot Dot Loans Simple online loans. Source: Research conducted by Dot Dot in September 2019, based on 1,0288 responses from people in the UK.

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More from Will

Wills the name, content is the game. I’m always on the dot when it comes to finding a bargain, and staying up to date with the latest financial advice.

How money smart are you?

How money smart are you?

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