Building good credit early on
Building good credit even when you're in college is extremely important. The following information discusses what a credit score is, the advantages of having a high credit score, and ways to increase your score.
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What is a Credit Score?
A credit score is a three-digit number that's based on a method that calculates several items in your credit report. There are several models used to score credit. The FICO score, however, is the one used most often by financial institutions. Some of the things taken into consideration when figuring a credit score include how much you owe, your payment history, how long you've had a credit history, and the types of credit you've had. According to credit.com, an excellent credit score is 750 and up. A good score is 700 to 749 while a fair score is 650 to 699. A poor score is considered 600 to 649 and a bad score is below 599.
Why is a High Credit Score Important?
Having a good credit score will help you save money throughout your entire life. A higher score can mean obtaining a lower interest rate on loans, more easily qualifying for an apartment, and may even mean getting utilities connected without having to put down a deposit. All of these things can easily add up to thousands of dollars in savings over a person's lifetime. How to increase your credit score? The U.S. Small Business Administration states that over 65 percent of business owners use credit for their business purchases. Whether it's for personal use or professional, having good credit is extremely important.
How Can I Build My Credit Score?
College-age individuals should start building good credit by becoming an authorized user on their parents' accounts. This way a person can build off of already established credit while Mom and Dad can still monitor the account. It's also possible to become an authorized user on prepaid cards and checking accounts as well. Another way to build good credit is to make timely payments each month. This includes not only credit card payments but the house and car payments as well. It's also important not to obtain too many credit cards and pay off the balance each month if possible.
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Posted in Financial Services Post Date 03/08/2017