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By the Numbers

Tips for establishing a high credit score

By the Numbers


March 2008

At this point in your life, you’re probably an expert when it comes to keeping score. With all the tests you’ve taken, the games you’ve played and the contests you’ve entered, it’s practically a given. So here’s a new tally to try – one that most teens never consider: the credit score.

CREDIT SCORES, BY DEFINITION
A credit score is a number you earn based on your degree of financial responsibility. The score is based on your “credit history” and is assigned by an independent agency known as a credit bureau (Equifax, Experian and TransUnion are the major ones). It’s used by lenders – banks, credit card companies, even colleges – to determine how risky it is to let you borrow their money.

Your credit score will be somewhere between 300 and 850. To the lender, a high score means you’ll probably pay your bills. A low one means it’s likely you won’t.

From the consumer’s perspective, a good score means better access to “cheap money.” That is, when you receive credit – whether it’s to purchase a car, pay for a house or start a business – you’ll pay less interest on the funds you borrow. You’re essentially rewarded for being a good borrower.

A poor score, on the other hand, may result in no credit at all. Lenders will see you as a risk – someone who might take the money and run. A lender will probably give you money; they’ll just charge you more for it.

WHAT IT MEANS TO YOU
So how does this apply to you, now, as a teenager in high school? Well, if you’re under age 18, it doesn’t – at least not technically.

According to Laura Levine, executive director of the JumpStart Coalition for Personal Financial Literacy, until you turn 18, your signature is not legally valid.

“You can’t legally get a credit card in your own name,” Levine says. 

Without a valid signature, of course, you can’t sign the paperwork necessary to take out a loan. And until you borrow money, there’s no way for the credit bureaus to generate your credit report

TAKING STEPS TO GOOD CREDIT
In practical terms, though, it’s not so simple. While you’re in high school, you can establish a credit history­ by applying for a secured credit card from your local bank. A secured credit card works like the regular kind with one major exception: Your spending limit is set by the amount of money available in your personal savings account.

You can also become an authorized user on a parent or guardian’s credit card. As an authorized user, you can make purchases with the card, but the adult on the card is legally responsible for making payments.

Once you turn 18, everything changes. You’ll find offers for credit everywhere you turn. And as you use your credit to make purchases, every dime you borrow – and hopefully pay back, on time – will be tracked by the credit bureaus. An annual credit report, and its companion score, will result.

“If you use credit wisely,” Levine says, “it’s a wonderful financial tool. If your use of credit turns into piles of debt, it’s not.”

In short, it’s up to you to handle your finances responsibly. Really, it’s just like school. Take it seriously, and you’ll probably have the high scores to show for it.

Story by Chris Hayhurst


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