{"id":17269,"date":"2022-03-07T15:00:00","date_gmt":"2022-03-07T21:00:00","guid":{"rendered":"https:\/\/www.lexingtonlaw.com\/blog\/?p=17269"},"modified":"2025-05-14T15:52:30","modified_gmt":"2025-05-14T21:52:30","slug":"american-credit-knowledge-survey","status":"publish","type":"post","link":"https:\/\/www.lexingtonlaw.com\/blog\/news\/american-credit-knowledge-survey.html","title":{"rendered":"Credit knowledge survey: Nearly half of Americans don\u2019t know how their credit score is calculated"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"325\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/03\/image.png\" alt=\"\" class=\"wp-image-17271\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/03\/image.png 975w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/03\/image-768x256.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<p><em>The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. <\/em><a href=\"https:\/\/www.lexingtonlaw.com\/disclaimer\" target=\"_blank\" rel=\"noreferrer noopener\"><em>See Lexington Law\u2019s editorial disclosure for more information.<\/em><\/a><\/p>\n\n\n\n<div class=\"quick-answer\">\n<h2>Around 1 in 4 Americans incorrectly think that checking their credit report will cause their credit score to drop.<\/h2>\n<\/div>\n\n\n\n<p>Very few of us receive any formal credit education, so our credit knowledge is often a piecemeal collection of information we\u2019ve heard from various sources. Whether we pick up our understanding of credit from friends, family, coworkers or the internet, it\u2019s likely that most of us believe some half-truths about how credit works.<\/p>\n\n\n\n<p>We conducted a credit knowledge survey to determine how much Americans know about their credit reports and scores (see methodology below). While average credit scores are going up across the country, many people\u2019s scores are still being held back by long-standing myths and misunderstandings.<\/p>\n\n\n\n<p>Here are our key findings:<\/p>\n\n\n\n<ul>\n<li>More than <strong>1 in 3 Americans <\/strong>mistakenly believe that carrying a balance on a credit card will improve their credit score.<\/li>\n\n\n\n<li>Around <strong>1 in 4 Americans <\/strong>incorrectly think that checking their credit report will cause their credit score to drop.<\/li>\n\n\n\n<li>Almost <strong>half of Americans <\/strong>inaccurately assume that their income has a direct effect on their credit score.<\/li>\n<\/ul>\n\n\n\n<p>Read on to learn more about all of our findings.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-methodology\">Methodology<\/h3>\n\n\n\n<p>Note: This survey was conducted for Lexington Law Firm using Google Consumer Surveys. The sample consisted of a minimum of 1,500 responses per question. Post-stratification weighting was used to ensure that the general population is represented accurately by the results of this survey, which was conducted in October 2021.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-more-than-1-in-3-americans-think-carrying-a-credit-card-balance-improves-their-credit-score\"><a><\/a>More than 1 in 3 Americans think carrying a credit card balance improves their credit score<\/h2>\n\n\n\n<p>Many people have heard the advice that carrying a small balance on your credit card every month will help your score over time\u2014but, in fact, it is more likely to lower your score.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"618\" height=\"934\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/03\/image-1.png\" alt=\"Infographic that illustrates what Americans think about carrying a credit card balance\" class=\"wp-image-17272\"\/><\/figure>\n\n\n\n<p>Like many misconceptions, this one evolved out of a misunderstanding of the truth. You may know that three credit bureaus\u2014TransUnion<sup>\u00ae<\/sup>, Experian<sup>\u00ae<\/sup> and Equifax<sup>\u00ae<\/sup>\u2014compile information about your credit usage to determine your credit score. If you don\u2019t use any credit, such as credit cards or loans, then you won\u2019t have any credit history to report. This means that you need to strike a balance\u2014use you credit enough to build up a history, but don\u2019t use it more than you feel comfortable.<\/p>\n\n\n\n<p>However, carrying a credit card balance from month to month will not help your credit score. That\u2019s because the top two factors in determining your score are your payment history and <a href=\"https:\/\/www.lexingtonlaw.com\/education\/credit-utilization\" target=\"_blank\" rel=\"noreferrer noopener\">credit utilization ratio<\/a>, so failing to pay your credit card bill won\u2019t reflect well on your credit usage. Lenders prefer to see two things: first, that you make all of your payments in full and on time, because that means you\u2019re more likely to pay them if they offer you new credit, and second, that you don\u2019t use too much of your available credit.<\/p>\n\n\n\n<p>Despite the fact that carrying a credit card balance every month is detrimental to credit scores, more than one-third of Americans believe it will help them build credit. If we could end this myth once and for all, millions of people would save money on credit card interest payments and likely see their credit improve as well.<\/p>\n\n\n\n<p><strong>What you need to know: <\/strong>Carrying a credit card balance does not improve your score, and it could actually lead to a score decrease. Paying your full balance every month is a solid strategy for increasing your credit score.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-1-in-4-americans-believe-that-checking-their-credit-report-will-lower-their-credit-score\"><a><\/a>1 in 4 Americans believe that checking their credit report will lower their credit score<\/h2>\n\n\n\n<p>Regularly accessing your credit report is an important way to keep on top of your credit usage, but many people have been led to believe that viewing their own report will harm their credit score. In fact, viewing your credit report is not only completely free but also has no negative effects on your score.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"640\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/03\/image-2.png\" alt=\"Around 25% of Americans think that checking their credit report will lower their credit score, but it actually has no effect.\" class=\"wp-image-17273\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/03\/image-2.png 975w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/03\/image-2-768x504.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<p>It\u2019s likely that so many people believe this myth because they misunderstand inquiries. An inquiry, which is also called a credit pull, appears on your credit report whenever your credit report is accessed. Some inquiries, called <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/negative-items\/what-is-a-hard-inquiry.html\" target=\"_blank\" rel=\"noreferrer noopener\">hard inquiries<\/a>, occur when you are applying for new credit, like a loan or a credit card. Hard inquiries can stay on your report for up to two years, and can have a negative effect on your credit report.<\/p>\n\n\n\n<p>However, checking your own credit report and score does not lead to a hard inquiry, so there shouldn\u2019t be any effect on your credit score at all. All Americans are entitled to one free credit report from each of the three credit bureaus annually by visiting <a href=\"https:\/\/www.annualcreditreport.com\/index.action\" target=\"_blank\" rel=\"noreferrer noopener\">AnnualCreditReport.com<\/a>. This website is safe and free, and checking your report there will help you keep on top of your accounts, balances and payment history.<\/p>\n\n\n\n<p>Although checking a credit report can help make managing credit easier, 25 percent of Americans have been mistakenly led to believe that they\u2019ll risk harming their credit score by doing so. We\u2019re hopeful that promoting education about credit reports will dispel this myth, enabling millions more Americans free access to credit information that will help them make better choices when it comes to their credit usage.<\/p>\n\n\n\n<p><strong>What you need to know: <\/strong>Checking your credit report won\u2019t hurt your score, but it will help you stay on top of your credit. The \u201chard inquiries\u201d that you\u2019ve heard about that drop your credit score occur when you apply for new credit and a lender checks your credit history.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-nearly-half-of-americans-think-their-income-directly-affects-their-credit-score\"><a><\/a>Nearly half of Americans think their income directly affects their credit score<\/h2>\n\n\n\n<p>Even the most savvy credit users are often a bit unsure about exactly what factors affect credit scores. After all, shouldn\u2019t factors like education or income play a role in determining your score? In truth, the credit bureaus don\u2019t have information about your income, education, age, marital status, geographic location or gender\u2014so none of these have any impact on your score.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"557\" height=\"849\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/03\/image-3.png\" alt=\"Graphic that illustrates which factors Americans think affect their credit score\" class=\"wp-image-17274\"\/><\/figure>\n\n\n\n<p>The most common credit scoring models are provided by FICO<sup>\u00ae<\/sup> and VantageScore<sup>\u00ae<\/sup>, both of which have published their scoring factors online for everyone to view. FICO <a href=\"https:\/\/www.myfico.com\/credit-education\/whats-in-your-credit-score\" target=\"_blank\" rel=\"noreferrer noopener\">reports<\/a> that its model uses payment history, account balances, average age of credit, new credit and credit mix to determine its scores. VantageScore has similar factors, though it weights them slightly differently.<\/p>\n\n\n\n<p>Neither scoring model, however, directly includes income or age in its calculations. So why do so many people believe that these play a role in their credit score?<\/p>\n\n\n\n<ul>\n<li><strong>Having a higher income <\/strong>could help someone get a higher credit limit, but they may also spend more money. Since your score is largely based on your payment history and how much available credit you use, you could still have an excellent score even with a lower income.<\/li>\n\n\n\n<li><strong>Being older <\/strong>could increase the average age of your credit. However, an older person who has only recently started using credit or routinely closes old accounts could actually have a lower age of credit than someone far younger. Regardless of your age, you can achieve an excellent credit score by using credit regularly and responsibly over time.<\/li>\n<\/ul>\n\n\n\n<p>Still, nearly half of Americans believe that income directly affects their credit score, and almost one-fifth of Americans think that age and marital status have a direct effect as well. Meanwhile, more than 1 out of every 10 Americans think that education, geographic location or gender affect their scores\u2014but none of these factors are used by scoring models.<\/p>\n\n\n\n<p>Let\u2019s make one thing clear: regardless of who you are and how much money you make, you can achieve a great credit score. The formula is, in fact, quite simple. Use 30 percent or less of your total <a href=\"https:\/\/www.lexingtonlaw.com\/credit\/available-credit\">available credit<\/a> limit at any given time to keep your utilization ratio low, pay your bills on time and in full every month, don\u2019t open too many new accounts all at once and don\u2019t close old accounts unless you absolutely need to.<\/p>\n\n\n\n<p><strong>What you need to know: <\/strong>Income, age, marital status, geographic location and other demographic or employment information does not directly affect your credit score. While having a longer credit history or a higher credit limit could indirectly affect your score, it\u2019s possible to get a high score no matter how old you are or how much money you make.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-credit-knowledge-is-key-for-financial-success\"><a><\/a>Credit knowledge is key for financial success<\/h2>\n\n\n\n<p>We conducted this survey because we believe that understanding credit is key to financial success. While financial wellness involves many different aspects\u2014a job that pays enough, a savings strategy and a retirement plan, for example\u2014credit helps support a positive financial experience in many ways.<\/p>\n\n\n\n<p>Things like securing a mortgage or getting great rates on an auto loan, for instance, depend heavily on having a reasonable credit score. And a good score is within reach for most people, but understanding how credit works is crucial to using it successfully.<\/p>\n\n\n\n<p>As you work to build your own understanding of credit, we have plenty of resources to help you.<\/p>\n\n\n\n<p>Read some of the information below to find out more about topics that you\u2019ve always wanted to understand.<\/p>\n\n\n\n<ul>\n<li><a href=\"https:\/\/www.lexingtonlaw.com\/education\/three-credit-bureaus\" target=\"_blank\" rel=\"noreferrer noopener\">What are the credit bureaus?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.lexingtonlaw.com\/education\/good-credit-score\" target=\"_blank\" rel=\"noreferrer noopener\">What\u2019s a good credit score?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.lexingtonlaw.com\/education\/improve-credit-score\" target=\"_blank\" rel=\"noreferrer noopener\">How can you improve your credit score?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.lexingtonlaw.com\/blog\/finance\/what-happens-if-you-dont-pay-collection-agency.html\" target=\"_blank\" rel=\"noreferrer noopener\">What happens if you don\u2019t pay a collection agency?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-101\/why-did-score-drop-after-paying-off-debt.html\" target=\"_blank\" rel=\"noreferrer noopener\">Why did your score drop after paying off debt?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.lexingtonlaw.com\/credit-repair-services\" target=\"_blank\" rel=\"noreferrer noopener\">How can credit repair companies help you improve your score?<\/a><\/li>\n<\/ul>\n\n\n\n<p>With so much credit knowledge at your disposal, you\u2019ll be ready to tackle credit responsibly\u2014handling loans and credit cards with ease and potentially seeing your credit score rise in turn. <\/p>\n\n\n\n<p><a href=\"https:\/\/lexingtonlaw.com\/disclaimer\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\"><strong><em>Note:<\/em><\/strong><\/a><em> Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many Americans believe they\u2019re helping their credit when they\u2019re actually taking actions that hurt their credit. Learn more about what we found.<\/p>\n","protected":false},"author":63,"featured_media":17271,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[531],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v18.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>American credit knowledge survey 2022<\/title>\n<meta name=\"description\" content=\"Many Americans believe they\u2019re helping their credit when they\u2019re actually taking actions that hurt their credit. Learn more about what we found.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lexingtonlaw.com\/blog\/news\/american-credit-knowledge-survey.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Credit knowledge survey: Nearly half of Americans don\u2019t know how their credit score is calculated\" \/>\n<meta property=\"og:description\" content=\"Many Americans believe they\u2019re helping their credit when they\u2019re actually taking actions that hurt their credit. 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