Do you know your credit score? If yes, do you know what that score means? According to a survey from the Consumer Federation of America (CFA) and VantageScore Solutions, there are several misunderstandings about credit scores and their impact.

The survey revealed several informative details about what people know and do not know about credit scores. When questioned about wide-ranging questions relating to scores, anywhere from a quarter to two-fifths of the surveyed sample answered correctly, even when it comes to knowing something like how credit card issues and mortgage lenders use credit scores in decisions regarding credit availability and pricing.

Furthermore, there are some myths regarding credit scores that people believe, such as personal characteristics affecting their scores. Age and marital status, in spite of what 40 and 43 percent of the respondents believe, respectively, are not used when calculating credit scores. What does affect it, however, are loans and payments, even if you’re the co-signer.

That is to say, around one-third to two-fifths of the respondents were unaware that one’s credit score is affected if they co-sign a student loan. Payments made on time will improve the score, and late payments will hurt it, just like any other loan. Of course, keeping credit card balances low will help raise or maintain scores, but applying for several cards at once will hurt it – around three-quarters of the respondents were well-aware of that, at least.

There are also misunderstandings about credit repair agencies, due in part to the pervasiveness of their commercials. Over a third of respondents believe that said agencies are always, or at least usually, helpful for correcting errors and improving scores, when there is no guarantee they will do any good.

On the bright side, nearly everyone knew that making loan payments on time is helpful for the score. Yet only 7 percent knew that making several inquiries about loans in a few weeks has no effect on their FICO and VantageScore Solutions credit scores.

“Credit scores have become so influential in the lives of most consumers that tens of millions are severely disadvantaged by their lack of knowledge about these scores,” says Stephen Brobeck, executive director of CFA. “Low credit scores will often cost car buyers more than $5000 in additional finance charges and cost home purchasers tens of thousands of dollars in additional mortgage loan costs. And low scores are likely to limit consumer access to, and increase the cost of, services such as cell phone service, electric service, and rental housing.”

It’s important to understand one’s credit score, how it’s affected and what it means. People can maintain strong credit scores by consistently paying bills on time, keeping credit cards healthy and not maxed out, paying debt rather than moving it, and checking their scores to ensure they’re healthy. These scores affect many important aspects of one’s financial life, so it’s important to stay educated. According to the survey, there are many out there who still need to learn, so stay smart, especially when it comes to money.