01.22.10
“Mom, What’s a Credit Score?”
Today I found a quiz from freescore.com that tests your knowledge about credit scores. What is a credit score? Why is it so important to know your score?, Why is there more than one score? And, what you do with your scores? I decided to have some fun with it and give it to one of my 11 year old twins.
I could tell he was guessing the answers but he was actually applying more effort than I expected to understand the questions. When he saw that he failed the quiz with a grade of 25% (thankfully his school grades do not sink to this level!) he looked at me and simply said, “mom, what’s a credit score?”
So, I was on a roll – I started explaining why a credit score is so important - for future jobs, buying a house, a car, getting a credit card, etc. I said, “you see that car outside? Without a good credit score I wouldn’t have been approved for a lease. How about this house you live in? - Bad credit score - no mortgage.” ”So, how do you get a good credit score?” he asked. Since he’s only 11, I simplified it a bit. “Pay your bills on time, don’t open up too many credit cards and don’t spend more money than you can afford to pay back.” Oh if life were only that simple……
Do your kids know what a credit score is? Do YOU know how important your credit scores are? Click here to take the quiz that was developed by FreeScore.com, where you can get a free credit score with a 7 day trial.
I dare you to share your results!
Stumble it!