WEST VIRGINIA (WOAY) – April is National Financial Literacy Month.
A survey by Credit Card Insider reveals that not everyone knows as much as they could about their credit.
According to Nathan Grant, a senior credit analyst with Credit Card Insider, the survey found that only one-in-three respondents knew that income doesn’t impact your credit score.
“Factors that do go into your credit score include your payment history, how long you’ve had credit and how much of your current available credit is being used,” Grant said.
As well, the survey found that more than one-in-four respondents believed closing a credit card is good for their credit scores, when the opposite is actually true.
“We had 28% of those surveyed think that closing a credit card is good for your credit, and actually it’s not.”
The survey also found that just over half of respondents were paying interest on their credit card payments.