smart money strategies
Becoming Credit Worthy
College students often view having a credit card as a sign of financial independence, but freedom comes with a price. Used responsibly, a credit card can help you build a good credit score. Why is this important?
- Your credit score will affect your ability to get future loans.
- Your credit score may help determine how much you pay for car insurance.
- You have to have a good credit score to qualify for certain types of employment.
As your financial résumé, your credit score affects ALL these areas. A low score can make it harder to finance college, rent or buy a home, or purchase a car. It also may lead to higher premiums on car or life insurance and reduce your chances for jobs that require security classifications or involve handling money.