In order to build a credit score, one must begin with having a credit card. A credit card requires one main responsibility and that is paying the bill on time. Instructions for bill payments can differ between credit card companies and many charge late fees for overdue payments. It is the responsibility of the cardholder to make these payments on time. Thus, having a credit card and making payments on time will increase a credit score. An additional attribute towards raising credit score is to keep lower balances per card. Being in control of the amount of money one is spending on their credit card is an imperative task. Unfortunately for some card users, tempting and expensive purchases can put one at risk when they are unable to afford the monthly bill. Learning to be in control and accountable with card purchases will help improve credit score. These responsibilities from having good credit can teach young adults about financial planning and influence them to continue to strengthen their credit score for
In order to build a credit score, one must begin with having a credit card. A credit card requires one main responsibility and that is paying the bill on time. Instructions for bill payments can differ between credit card companies and many charge late fees for overdue payments. It is the responsibility of the cardholder to make these payments on time. Thus, having a credit card and making payments on time will increase a credit score. An additional attribute towards raising credit score is to keep lower balances per card. Being in control of the amount of money one is spending on their credit card is an imperative task. Unfortunately for some card users, tempting and expensive purchases can put one at risk when they are unable to afford the monthly bill. Learning to be in control and accountable with card purchases will help improve credit score. These responsibilities from having good credit can teach young adults about financial planning and influence them to continue to strengthen their credit score for