Learning More About Credit Scores, Credit Reports and Credit Cards
This month may be best known for showers and taxes, but did you know that April is also Financial Literacy month? We’re celebrating Financial Literacy month with a blog series all about taking control of your finances. Each topic we’ll cover corresponds to our free online financial education courses, so be sure to explore all TEN of our short, self-paced modules.
First up in this series? Credit Scores and Credit Cards
Your credit score is a number ranging from 300 to 850 that most lenders and credit card companies will reference when you apply for credit. Who comes up with the credit scoring system? There are three major national bureaus in the U.S. who keep track of your credit history (we cover Credit Bureaus in more detail in our online course).
Do you know your credit score and how to protect or improve it? There are quite a few steps you can take to improve your credit score, including paying bills on time and using credit responsibly.
Click here to create your login and take our Credit Score Module.
There are many benefits to having a credit card, including improving your credit history if you use credit responsibly. There are risks involved as well, since interest can build up quickly on top of the balance you owe. You need to pay attention to paying off your credit card, so pay down your balance instead of just the minimum whenever possible. Our credit card module covers the differences between credit cards and debit cards, as well as a step-by-step guide on how to compare credit card offers to make sure you are getting a good deal. The module even offers a credit card balance slider tool to help you visualize your monthly payment plan.
Click here to create your login and take our Credit Cards Module.
Ready to celebrate Financial Literacy month?
Want more info on financial education? Check out our fiscal fitness blog post from New Year’s, or head over to the SBA website for some great resources about financial literacy and stay tuned for more in this financial education series.