5 Items that Impact Your credit scoreMy personal Basic Mastercard Tale
I became 19-years-old when my personal moms and dads drove us to the brand new BECU venue into the Tukwila to join my basic charge card. I found myself no more than first off my personal sophomore seasons away from college or university and i didn’t trust my moms and dads desired me to have an effective mastercard. I nonetheless remember sitting yourself down which have among BECU’s User Professionals just who informed me that we is actually approved having a good $five hundred credit limit. As an effective 19-year-old, I became astonished the credit partnership and you can my personal moms and dads would trust me thereupon sum of money.
Prior to we kept BECU, my personal parents informed me that there was only you to definitely code regarding the with credit cards: try not to save money than just you’ve got in your savings account – regardless if my personal credit limit surpassed the amount in my checking and you may deals levels. My moms and dads had warned me that people enter into dilemmas when it over spend plus don’t have the cash to pay off their credit cards.
Timely toward 2019 and that i features a couple of playing cards, you to out-of BECU, and you can I am nevertheless following guidance my parents shared with me years back. While the an adult, I’ve realized that a huge element of debt better-are is having a healthy credit rating. Therefore today I’m breaking down just what a credit rating try, why should you care about it, and a few essential things you to definitely basis into your credit score.
What is actually Borrowing from the bank? What’s a credit rating?
Considering BECU Economic Educator Stacey Black colored, credit ‘s the power to buy now for the agreement so you’re able to shell out later on, if you are a credit history ‘s the amount you to definitely says to loan providers how likely someone is able to pay off him or her. Continua a leggere