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How savvy are you when it comes to knowing the impact of Zip Pay and Afterpay on your credit score? Take our quiz to find out.

What is Zip Pay?

A service that allows you to transfer money via Zip file.

A line of credit that allows you to buy something now and pay back the total via interest-free instalments.

A type of bank transfer that is super fast.

Correct!

Wrong!

What is Afterpay?

A service that lets you buy something immediately and pay back the total in fortnightly instalments.

A line of credit that lets you return an item if you don’t like it after you’ve worn it a couple of times.

A service that only accepts payment after regular business hours.

Correct!

Wrong!

The following are other players in the fintech space:

Dollary-doos, Longbow’ Finance and Robin Banks.

Skip Money and Legit Finance.

Ezi-Pay, Openpay and ZipMoney.

Correct!

Wrong!

You sign up for Zip Pay – can this affect your home loan application?

Yes – this type of spending could flag you as a risk for lenders.

No – you’re fine to shop away!

Only if you default on the payments.

Correct!

Wrong!

Afterpay may impact your credit score in the following ways:

Only when you sign up.

If you don’t pay a bill on time.

Both of the above.

Correct!

Wrong!

What happens if you don’t pay your Zip Pay bill on time?

It will be reported to a credit reporting body, which will impact your credit score.

You’ll have to return the things you bought.

You won’t be able to use Zip Pay again.

Correct!

Wrong!

If you have a bad credit score, how can you stay on top of your Zip Pay and Afterpay bills?

Set calendar reminders to ensure you have funds in your account.

Consider using services like Zip Pay and Afterpay sparingly.

Both of the above.

Correct!

Wrong!

If you have a bad credit score, how can you get your credit score back on track?

Limit your applications for credit.

Lower your credit card limit and pay bills on time.

Both of the above.

Correct!

Wrong!

Share the quiz to show your results !

Quiz: do you know the link between Zip Pay, Afterpay and your credit score?

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