As tweens and teenagers, we couldn’t wait for the independence of adulthood. Living on our own and deciding our own bedtime seemed pretty magical.
In hindsight, we have to wonder how we saw so much glamour in so much responsibility.
Student loans, mortgages, major house repairs, and new car purchases are all wonderfully big steps to look forward to, but they can lose their appeal when you’re not confident in your own money management.
We can help. Understanding your finances and credit doesn’t have to be scary. Here are a few FAQs about money matters:
What is a credit score?
A credit score is basically a numerical expression of your wallet’s past. It factors in everything included in your credit report, from credit card payments and student loans, to car purchases and mortgage applications.
If you’ve never taken out a loan or held an account with recurring payments–like a contract for services with your TV/Internet provider–your credit score doesn’t really exist. Having those accounts in your name, and making regular, full payments is an excellent way to build up that credit score.
How is a credit score used?
Lenders look at your credit score to determine if you are a good candidate for a loan. Some companies also use your credit score as a way to offer better rates on their services.
Where can I learn more about managing my finances?
Check out this article for ways to build and protect your financial future. When you’re ready to get started, find a South Carolina credit union here to get the personal service and local expertise you deserve.