Good credit is a type of financial trustworthiness that affects your ability to make big lifetime purchases such as buying a house.
Boston, MA (PRWEB)
October 11, 2017
Many Millennials struggle to build their credit. If Millennials are not improving their credit, they often can’t access the lowest interest rates which can limit financial opportunities such buying a house or car. National nonprofit American Consumer Credit Counseling provides Millennials with tips so they can start improving their credit now.
“It is important for Millennials to establish good credit because it dictates their purchasing power and can result in thousands of dollars of additional savings – or costs – down the road,” said Steve Trumble, President and CEO of American Consumer Credit Counseling, which is based in Newton, MA. “Good credit is a type of financial trustworthiness that affects your ability to make big lifetime purchases such as buying a house.”
According to a new survey by LendEDU, 25 percent of Millennials don’t know what a credit score is. Although the majority understand the definition of a credit score, few know how to improve it. Of the respondents, 44 percent say that increasing credit utilization will improve their score and 36 percent believe that maxing out their credit card and paying it back on time will improve their credit score.
American Consumer Credit Counseling helps Millennials improve their credit:
1. Create a plan to improve your credit score – look at any problem areas and address them one at a time.
2. Pay ALL your bills on time – not paying bills on time or paying them late can hurt your credit score.
3. Pay bills early or twice a month –pay down all of your bill before the statement period ends, even if that means making two monthly…