Money

BUDGET

Youth need to learn about your budget so when you are ready to move out on your own, you will be prepared. 

Download the budget spreadsheet to give you an general idea. 

 

CREDIT

Credit is very important and there are 6 key factors that companies look at. 

1. Payment History-Late payments can harm your credit for future credit. 1 late payment can affect your credit so put your bills on autopay to make sure you're never late. 

2. Credit Card Utilization-Using over 30% of your credit card usage is deemed negative on your credit. If you have a $500 credit limit, you should only carry a balance of less than $150.

3. Derogatory Marks-These are medical bills, phone bills or any other bill you've neglected. 

4. Age of Credit History-Once you open your first credit card, don't close it and it will eventually improve your average history. 

5. Total Accounts-You need at least 11 accounts opened to show other creditors that you have a variety of accounts and that you're responsible. 

6. Hard Inquiries-Every time you apply for credit cards, apply for a car loan or house loan, they run your credit and add inquiries on your credit. More than 5 inquires is deemed negative on your credit. An inquire stay on your credit for 2 year. 

Check your credit. Click the button.

CREDIT BUREAUS

Your credit is derived from 3 different credit bureaus: Transunion, Equifax and Experian.


Your credit score need to be over 650 if you want to purchase a vehicle, buy a house or your start your own business. Usually you can have a low score on Transunion and a higher score on Experian. And sometimes credit card companies only check one bureaus. 

Check your Experian credit report for all 3 credit bureaus. 

Click the button.