Do you have teens? Have you thought about educating them about building good credit and maintaining a good credit score? In today’s times, it’s vitally important for parents to teach their teens before entering adulthood, about what it is to have a good credit score and what a credit report is.
Educating them can save them thousands of dollars. Many auto insurance companies base the cost of one’s premium on their credit score. The higher the credit score the lower the auto premium – as ill as that may be. This is because they feel one is more responsible with their finances, which in turn, makes these individuals more responsible drivers. The same holds true for those who look to render an apartment. Many of the bigger rental companies will pull your credit score…the higher the score…the less chance of you not paying the rent. In addition, should one be on the hunt for an auto loan or credit card…the higher the score the better one scores for a lower interest rate.
Did you know there are three major credit bureaus; therefore, three credit scores and they don’t always match? Knowing one’s credit score puts one in the driver’s seat when applying for credit. A benefit of using the Internet to obtain your free credit scores is that it won’t cost you. There are places on the Net that offer these free to you…opposed to requesting them from the credit bureaus where you will be charged a fee. It’s worth being informed…it’s worth educating your teens on how to build their credit and how to go about obtaining their reports and scores.