What email address or phone number would you like to use to sign in to Docs.com?
If you already have an account that you use with Office or other Microsoft services, enter it here.
Or sign in with:
Signing in allows you to download and like content, and it provides the authors analytical data about your interactions with their content.
Embed code for: Credit Scores
Select a size
HOW TO ESTABLISH, IMPROVE, AND MAINTAIN ONE’S CREDIT SCORE
BY: Stacy Lombardo
What is your credit score?
Preview of Topics to be Investigated:
1. Establishing One’s Credit Score
2. Improving One’s Credit Score
3. Maintaining One’s Credit Score
Many people are under the misconception that their own credit score only matters when they are above the age of forty.
According to Forbes Magazine, “your early twenties are very important for building a positive credit score for the future.”
The magazine referenced a new study by Credit Karma which found that “two-thirds of young adults commit at least one credit fumble before they turn 30.
The attitude that is negatively impacting these young adults’ credit scores is the “I’ll fix it later” strategy. Most young adults are under the pressure of having that one big adventure before “real life” kicks in. This carefree attitude..
Credit Scores by Age
Establishing One’s Credit Score
Use a credit card as a budgeting tool. instead of paying cash for one of those budgeted items, use your credit card
Young people can begin establishing credit by asking a parent or trusted adult to be added as an authorized user on one of their credit cards. The two cards that most banks offer for individuals beginning to build credit are students cards and secured cards.
Remember to pay the bill on time every month!
Age and Gender_____ _______
Are you a student? _________
Current Credit Score (Estimate if exact is not known) ______________
How many loans and/or credit cards do you have with balances on them? _______
At what age did you have your first credit card and/or loan? _____
Is your credit score currently improving or getting worse? ______
What have you done recently to improve (or decrease) your credit score?
Please rate 1 – 10. 10 being very important to you.
How important is your credit score to you? _______
How important is it for you to pay your bills on time? _____
Improving One’s Credit Score
Spend any extra money on repaying a credit card, whether it is $5 or $500!
Maintaining One’s Credit Score
Check credit report regularly and make sure the information is correct!
Pay bills on time!
Keep debt at a manageable amount.
Establishing a credit score is very wise to do at a young age. Improving a credit score that has been damaged takes a great deal of sacrifice and budgeting. Finally, maintaining a positive credit score takes extreme caution and diligence.