Dear Ila Mag Readers,
This semester, course credits aren't the only type of credit that you need to register for.
Let’s talk credit scores.
Establishing credit as early as possible is a building block for other goals you may have lined up. A good credit score is like a master key for apartment leases, first homes, loans, etc. You can build credit by opening a credit card, using it monthly, and paying it on time. Enrolling in automatic payments through your banking app will take care of the heavy lifting. Keeping spending to a minimum is wise until you can pay off big purchases. Over time and with diligence, you will raise your score.
Why is it so important?
Credit scores can range anywhere from 300-850, but here at Ila Mag, we aim to get you in the 700s to start your journey. Lots of banks offer student credit cards that fit a student’s lifestyle in terms of interest rates etc. The key is to use it responsibly and like all good things in life, moderately. They’re brutally easy to set up, through your banking app or by booking a quick appointment at a branch near you. Don’t wait, being young and financially literate puts you eons ahead in a world where money appears to be everything. There are plenty of things in life to leave up to chance, but a credit score is not one of them.
Go on Ila Mag Readers, we can’t wait to see you in the green.