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?

  1. Your credit score will affect your ability to get future loans.
  2. Your credit score may help determine how much you pay for car insurance.
  3. 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.