I get a ton of emails each day with media releases and “check this URL out” requests. I usually scan over it and file it appropriately, but I usually don’t ever take action on them. Recently, though, I got a request to take a “Credit Age” quiz, and since I love rankings and such, I decided to try it out.
What is a “Credit Age”?
Per the press release, a “credit age” is an indicator that shows your credit health in terms of an age. Much like the Wii Fit can show your health in terms of an age, the credit age tool takes input from 8 different (simple) questions to determine where you stand against your peers.
How does Credit Age differ from your FICO Score?
Well, first, Credit Age is limited to a normal human lifespan, while FICO scores top out at 850.
Second, FICO scores can impact your entire life, from getting a mortgage or car loan, getting decent car insurance rates, and even getting a job or security clearance. The Credit Age is just for fun (and a bit of education too).
Third, Credit Age does not access your credit file, but you do need to know your credit history to select the most correct answers to the questions.
So while this credit age has no direct impact on your life, you can use it as an educational tool (albeit a simple one) to see how your credit history would look as an age.
What is the Ranking Scale?
The quiz gives you both your age and a rank. I don’t know what ages correspond to what ranks, but I scored the highest rank: Credit Connoisseur (Age 52). Note that the younger ages are worse:
- Credit Newbie: You’ve not built any real or good credit.
- Credit Curious: You still have a lot to learn, but with the right moves and enough time you can build solid credit.
- Credit Capable: You understand how to care for your credit.
- Credit Connoisseur: You are the master of your finances. You know how to pay off your debts and save for the future.
How is Credit Age Useful?
Since you can take the quiz any number of times, you can select different answers to see the impacts of different variables on your final age. Unfortunately, it relies on YOU to make the assumptions and do the research to figure out why they make a difference. The site owner says they’re looking for more feedback to make it more useful for its users, so leave your comment here and they’ll get back to the site operator.
Oh, and if you’re a site owner and like showing stuff like this, you get a nice little banner like the following (actually, the picture looks a bit like me. Just needs gorilla arms). Obviously it’s a way for the site owner to get a link back, but you can edit the code before placing it on your site if you wish:
in credit years!
Credit Age Quiz by SpendOnLife.com