Hello everyone!!

I am starting realize more and more how important building credit is, even though I’m still in college. Did you know that not having any credit record at all can be bad too? Having good credit is one way people review how responsible you are, for example. But before we get ahead of ourselves, it’s very important that we understand how credit works. Credit cards act as a sort of small loan that can be paid back in whole or in smaller payments. Not only do you have to pay the money you loan back, but you have to pay interest on the loan, which is like a payment to the credit card company for letting you use their money. Now you may be saying to yourself, “Sheesh! so what’s so good about using a credit card when I have my debit card?” Well first off, you can have access to money you don’t necessarily have immediately, and secondly, you build up your credit score. If you want to buy anything bigger than an mp3 player, like a house or a car, you have to have good credit. Your credit score is a summation of your bill paying habits. If you pay your bills late and find yourself getting into serious debt, you probably have a bad credit score. Which means when you go to a financial institution and ask for a loan they will look at your credit history and say, “Sorry we can’t help you, your credit is bad”. Because after all why would anyone want to loan you money if they’re not sure you can pay it back. Well anyway, if you want to learn more about how credit works check out this website or ask your local GTE branch member. http://www.youngmoney.com/creditreport/

Have you all checked out the U22 credit card? That’s right, with U22 you can have your very own credit card with a $500 maximum limit.

Also if you want to see if you know your stuff check out this U22 Credit Card Quiz to see if you’re ready for a U22 credit card. http://www.proprofs.com/quiz-school/story.php?title=u22-credit-card-quiz