Q45c: How will having a low checking account balance affect your credit score?

Demographic and experience categories Positive No effect Negative Do not know
All respondents 3.9 ( 0.5) 43.4 ( 1.5) 29.0 ( 1.3) 23.7 ( 1.2)
AGE GROUP        
18 to 24 1.8 ( 1.2) 29.4 ( 4.8) 38.3 ( 5.0) 30.4 ( 4.7)
25 to 34 4.4 ( 1.2) 38.7 ( 3.5) 34.1 ( 3.4) 22.8 ( 2.9)
35 to 44 3.7 ( 1.2) 48.5 ( 3.4) 27.8 ( 3.0) 20.0 ( 2.7)
45 to 54 4.9 ( 1.3) 46.0 ( 3.3) 30.9 ( 3.1) 18.2 ( 2.4)
55 to 64 3.3 ( 1.3) 49.2 ( 3.7) 29.1 ( 3.4) 18.4 ( 2.8)
65 and older 4.5 ( 1.2) 46.3 ( 3.3) 17.8 ( 2.5) 31.4 ( 3.0)
INCOME        
Less than $25000 7.0 ( 1.1) 32.1 ( 2.1) 29.2 ( 2.1) 31.6 ( 2.1)
$25000 to $49999 3.2 ( 1.0) 48.2 ( 3.1) 29.0 ( 3.0) 19.6 ( 2.4)
$50000 to $74999 2.5 ( 1.0) 43.1 ( 3.5) 34.4 ( 3.4) 19.9 ( 2.9)
$75000+ 2.6 ( 1.1) 50.7 ( 3.4) 28.8 ( 3.1) 17.9 ( 2.7)
EDUCATION        
Less than high school 12.6 ( 2.7) 22.3 ( 3.1) 18.4 ( 2.8) 46.8 ( 3.7)
High school 2.9 ( 0.6) 43.3 ( 2.5) 31.3 ( 2.4) 22.5 ( 2.1)
Some post-secondary education 2.5 ( 0.7) 48.0 ( 2.9) 29.0 ( 2.6) 20.6 ( 2.3)
BA or more 2.9 ( 0.9) 46.7 ( 2.7) 30.3 ( 2.6) 20.2 ( 2.2)
ETHNICITY        
White 2.4 ( 0.5) 48.0 ( 1.9) 28.7 ( 1.7) 21.0 ( 1.5)
Black 9.0 ( 1.8) 37.9 ( 2.9) 31.3 ( 2.9) 21.8 ( 2.4)
Hispanic 5.2 ( 1.2) 28.8 ( 2.9) 24.7 ( 2.8) 41.3 ( 3.1)
Other 8.3 ( 3.6) 35.5 ( 6.2) 38.6 ( 6.3) 17.7 ( 4.6)
SEX        
Male 4.0 ( 0.8) 44.3 ( 2.3) 32.8 ( 2.2) 18.9 ( 1.8)
Female 3.7 ( 0.6) 42.6 ( 1.8) 25.5 ( 1.6) 28.1 ( 1.6)
EMPLOYMENT STATUS        
Actively employed (FT or PT) 2.7 ( 0.6) 45.8 ( 2.0) 31.2 ( 1.8) 20.3 ( 1.6)
Student 3.8 ( 2.2) 28.0 ( 7.4) 40.6 ( 8.7) 27.6 ( 7.0)
Not employed (homemaker, retired, unemployed) 5.9 ( 1.0) 40.6 ( 2.3) 24.3 ( 2.0) 29.2 ( 2.0)
Other 3.9 ( 1.8) 44.7 ( 6.4) 22.2 ( 5.1) 29.2 ( 6.2)
GEOGRAPHIC RESIDENCE        
Resident of a free report state (CO, GA, ME, MD, MA, NJ, VT) 5.0 ( 1.2) 44.2 ( 3.0) 32.5 ( 3.0) 18.3 ( 2.4)
Resident of another state 3.7 ( 0.5) 43.3 ( 1.6) 28.4 ( 1.5) 24.5 ( 1.3)
FINANCIAL AND CREDIT REPORT EXPERIENCE        
Obtained a credit report 3.6 ( 0.6) 49.9 ( 1.9) 29.4 ( 1.8) 17.1 ( 1.4)
Did not obtain a credit report 4.2 ( 0.8) 34.6 ( 2.1) 28.4 ( 2.1) 32.8 ( 2.0)
         
Obtained credit score 2.5 ( 0.7) 51.9 ( 2.5) 29.8 ( 2.3) 15.8 ( 1.9)
Did not obtain credit score 4.5 ( 0.7) 39.3 ( 1.8) 28.5 ( 1.6) 27.6 ( 1.5)
         
Disputed information on credit report 3.1 ( 1.0) 48.5 ( 3.3) 33.7 ( 3.2) 14.7 ( 2.5)
Did not dispute credit report information 4.0 ( 0.6) 42.3 ( 1.6) 27.9 ( 1.5) 25.7 ( 1.4)
         
Had an auto or mortgage loan 3.3 ( 0.5) 48.3 ( 1.7) 29.4 ( 1.5) 19.0 ( 1.3)
Did not have an auto or mortgage loan 5.7 ( 1.2) 27.1 ( 2.7) 27.5 ( 2.7) 39.7 ( 2.9)
         
Was a victim of identity theft 4.1 ( 1.6) 37.6 ( 4.2) 39.9 ( 4.3) 18.4 ( 3.4)
Was not a victim of identity theft 3.8 ( 0.5) 44.1 ( 1.5) 27.8 ( 1.4) 24.3 ( 1.3)
         
Obtained credit report due to an adverse action 6.3 ( 1.9) 43.7 ( 5.2) 28.9 ( 4.7) 21.0 ( 4.2)
Did not obtain credit report due to an adverse action 3.6 ( 0.5) 43.4 ( 1.5) 29.0 ( 1.4) 24.0 ( 1.3)

Percent estimates totaling 100% within each demographic and experience category, with standard errors in parentheses
 
GAO-05-411SP Credit Reporting Literacy Survey Data
Full Report: GAO-05-223