Credit Scores

Our past Thursday night meeting was our second mentor meeting where a Regions bank executive spoke to us on the issue of credit cards and how easy it is to be placed in debt for several years. He explained to us of our credit scores and how they are used to determine life situations. For example, credit scores are used to determine whether or not you will receive a loan for a car or house. In addition, even employers look at your credit score; good credit score shows that you have good financial and personal responsibility. He also explained mistakes that can kill your credit score which are spending at the wrong time, being too thin, missing payments, being too young and cocky, being too tidy, and being too nonchalant.
Our mentor, David also explained of how credit cards work and exactly how they have to be repaid. Although using a credit card does assist when borrowing money, it should not be used as a habit but for emergencies. Even if you spend a certain amount on your credit card, interest rates may increase it much higher and even double it over long periods of time. There are also some organizations that assist students in credit scores and loans. One of these sources, Chase, gives allocate resources of how to repay affordable loans over time with small interest rates. It also explains loan facts and credit card information.