Survey Finds Widespread Credit Confusion; Credit Card Issuers Can Help Solve It

A new report points to a potentially big problem for adults who own credit cards in the U.S. Namely, they lack an understanding about the fundamentals of credit. 

But the company behind the survey, Credit One Bank, isn’t just highlighting an industrywide issue. It’s also rolling out a program to help shore up knowledge gaps among cardholders, lighting a path for other credit card issuers that want to be a part of the solution.

Credit One Bank partnered with market research firm YouGov to reach out to more than 2,000 adults in the U.S. in May and June of 2025. 

The survey’s findings reveal many cardholders are in the dark when it comes to identifying factors that can influence their credit scores and, ultimately, their ability to access affordable credit solutions.

Some 72% of survey respondents said they didn’t know that a missed payment can remain for up to seven years on their credit report. And seven out of 10 respondents didn’t realize the benefits of keeping their oldest credit card accounts open and using them every few months, at minimum.

Many survey respondents lacked a comprehensive understanding of how credit behaviors can affect credit scores.

Almost half of survey respondents said they didn’t know that creditors can close inactive accounts after a certain period. And more than one-third of respondents couldn’t distinguish between soft and hard credit inquiries.

Recent data from Capital One indicates that more than 214 million adults in the U.S. own a credit card. When this figure is viewed alongside Credit One Bank’s findings, a simple extrapolation suggests that a significant portion of cardholders — potentially tens of millions — may lack basic credit knowledge.

Credit One Bank is pouncing on the opportunity to help cardholders gain a better handle on credit. 

“Financial setbacks can affect anyone but understanding how credit works is a game-changer when building or rebuilding your financial future,” Steve Min, Credit One Bank’s Chief Credit Officer, said in a press release. 

“By providing education resources, Credit One Bank aims to empower individuals to take charge of their credit health and build a stronger financial future,” Min added.

The bank has launched a campaign featuring a group of animated characters known as “The Credit Wreckers” that personify different credit missteps consumers often make.

The lighthearted campaign shows that issuers can incorporate humor — comic actor Chris Parnell, formerly of “Saturday Night Live,” provides narration for the commercials — to discuss a topic as important as credit management.

Credit One Bank’s objective is to provide fun and relatable content that simplifies  complex topics and provides actionable tips, according to Amber Greenwalt, SVP of Brand and Advertising at Credit One Bank.

“Credit building doesn’t have to be daunting, and this campaign is about making credit easier to understand for everyone, no matter where they are in their financial journey,” Greenwalt said in the release.