Manage Your Credit for ALL Ages

by Tigerpaw

High School

Are you interested in going a job? Their are some things you should know about first.

Bank Accounts.

A bank is a place were you can go to store or invest your money. Their are different types of bank accounts, but the big ones are savings and checking accounts. In a checking account you can access your money anywhere there is an ATM. With a savings account you put your money in the bank and they pay you interest for keeping your money with them.


Credit is a tricky thing. There is good credit and bad credit. You want good credit. If you take out a loan for college there are things that you can do to pay your debt and get good credit. One is always pay on time. Secondly, always pay more them the minimum. Never get more then you need to keep the debt low

Building Credit

One way that you could build your credit is too take out a small loan and but it in a savings account. Pay back the loan, using the tips above, from the savings account. This a great way to learn how to manage money and build up your credit score.

College Students or Young Full Time Workers

When paying bills using credit or debt, you can set your account through your bank to do electric payments. When it comes to paying with credit, you shouldn't pay bills with it. Debt, you have to make sure you have enough money in your account. When buying a car you need to find which financing is good for. Usually you'll have a set amount of monthly payments until your debt is payed. When it comes to educational loan, you should not take private loans since they have an insanely high interest rate and isn't as flexible as a federal loan. With a federal loan you have a long period of time to pay your debt. You also have a 6 month period after graduating that you don't have to start paying your debt. Also you can't file bankruptcy on a educational loan. When you start investing you have to find the best and affordable investment. Also you have to make sure your debt is being paid off. You can build credit by taking small loans and staying consistent in your payments and maintain your credit score by having little debt and paying everything on time.

Young Adults and Year Old Adults

Living expenses with credit and debit are really easy they try and teach you how do things with what you need to do with your money. Credit is when you take money and then you have to pay it bakc because you are taking a loan. Debt is when you dont payback your money or loan that you owe and then you end up paying more money. For loans the most improtant advice is to being able to determine what type of loan suits your benefits. Loans differ into a bunch of types and help you to be able to understand which one you need and use effectively. Positive side of credit for when you have a family is that your able to get money use it on the things you need and its easier when there isnt a large family. Positive credit aloows you to be able to payback the loans that you own and afford more better credit history for your family. Negative side is when you dont have the money to pay what you owe. Bigger families with children invloved run the risk and the danger for the amoun of credit they could use. They would most likely need to manage a financial plan and use a debit card to not run the risk with the family. You could protect your credit score with making payment on time. You also have to have a good credit history and maintain your credit score in a good range.