My life with money has been up and down.
By that, I am not talking about my income but about my trials with debt.
When I was in my teens my identity was stolen by an abusive partner. In a matter of months, he racked up over £20,000 of debt in my name.
At the time it was a very emotional time for me. Not only had been through a lot mentally, physically and emotionally. But I had to then deal with debt collectors calling on me for items I had never ordered, bought or for credit I had never taken out.
Thankfully I had people around me who were able to take me under their wing. Helping me explain to the companies involved.
What Happened Next
I lost my bank account, as it alone was overdrawn by nearly £2000. With all this behind me, I found it almost impossible to open another one.
In the end, I was able to open a cash account, which at least let me be paid. Though I became a regular at the bank and post office having to pay all my bills in cash.
It was then I had to learn about credit. As while the debt was fraud, it had taken its toll on my credit account and I need to over time bring it back up.
You may not be aware, but it takes a number of years for things to be removed from your credit report. For instance, things like CCJs and defaults last for 6 years.
So, I had to bide my time and then slowly open up new credit accounts to help it grow.
As after all, for your credit to grow you need to be able to show off you can payback credit on time, consistently.
Where Am I Now?
Honestly, I checked my credit score the other day and was quite impressed with the number that was thrown up at me.
However, I then went and took this quiz and realised I had let my credit and money knowledge slip and could 100% do with a refresher course in money matters.
The quiz goes through things we should all know such as what does APR stand for? As well as harder questions such as can you work out APR rates over certain time frames.
Yeah, I wasn't so good at that second part whoops!
I even managed to fail when it came to naming three things which can help raise your credit score. As I thought more than 3 of the items listed played a part.
One of the questions that left me quite sad was the number of British workers who have less than £500 savings. I have to admit while I over guessed higher than the reality, it is still very sad to know that so many people struggle to save.
If you give the quiz a try I would be interested to see how you do! I managed a poultry 4 of 7.
How has money played a part in your life, do you feel like you know enough about money matters?