1. Pay bills on time Past performance is a predictor of future performance so pay all bills off...
National Credit Education Month is observed all throughout March and is a reminder of the importance of understanding the ins and outs of your credit score. A credit score is used to determine several major purchases, such as a home or car, and sometimes used to determine employment. We are sharing three simple ways you can observe the month, along with resources to get you started today.
1. Check your credit score
It is important to know your credit score for a variety of reasons. One of the benefits of a high credit score rating is being able to borrow money at a lower interest rate. When you need to purchase a new car, for example, they will check your credit rating to determine the interest rate of your car loan. Even when you believe your credit score to be in order, it can change very quickly so be sure to check it out this month! Check your FICO Credit Score here.
2. Focus on meeting payment deadlines
One of the best ways to maintain or build a good credit rating is to make all your payments on time. If you have a bad habit of forgetting to pay bills timely, set up payment reminders through your personal calendar system. Even better, you can enroll in auto-withdraw with many of your accounts ensuring you never miss a payment.
3. Teach your children about debt
Yes, debt is a four-letter word but do your children a favor and teach them good overall money habits early. Did you know more young adults aged 20 – 24 declare bankruptcy than graduate from college? Credit cards are the biggest contributor to this. Teach them about saving money, wise spending, and how to build good credit sooner rather than later. In this article, "5 Ways Parents Can Teach Their Kids About Financial Literacy," you'll find helpful strategies to begin teaching your children.
MSCU's Financial Independence Training Program (FIT), eases the stress when it comes to your personal finances so you can confidently navigate your journey. Discover our FIT Program to personalize your credit journey with one-on-one coaching, articles, and more.
