{"id":353906,"date":"2015-08-25T08:00:20","date_gmt":"2015-08-25T14:00:20","guid":{"rendered":"https:\/\/www.creditrepair.com\/blog\/?p=353906"},"modified":"2022-01-24T20:05:49","modified_gmt":"2022-01-25T03:05:49","slug":"importance-of-credit","status":"publish","type":"post","link":"https:\/\/www.creditrepair.com\/blog\/credit-repair\/importance-of-credit\/","title":{"rendered":"The Importance of Credit: A Student&#8217;s Perspective"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\" size-medium wp-image-353910 aligncenter\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2015\/08\/shutterstock_232590190-300x300.jpg\" alt=\"shutterstock_232590190\" width=\"300\" height=\"300\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2015\/08\/shutterstock_232590190-300x300.jpg 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2015\/08\/shutterstock_232590190-150x150.jpg 150w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2015\/08\/shutterstock_232590190-768x768.jpg 768w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2015\/08\/shutterstock_232590190-400x400.jpg 400w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2015\/08\/shutterstock_232590190-450x450.jpg 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2015\/08\/shutterstock_232590190-600x600.jpg 600w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2015\/08\/shutterstock_232590190-900x900.jpg 900w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2015\/08\/shutterstock_232590190-1400x1400.jpg 1400w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2015\/08\/shutterstock_232590190.jpg 1600w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\n<p style=\"text-align: left;\">Credit is an essential part of life, a long-term opportunity to excel and achieve financial security. Unfortunately, the majority of young Americans are missing the mark. The <a href=\"https:\/\/www.creditkarma.com\/trends\/age\">average<\/a> score for adults ages 18 to 24 is 630, earning them a label of sub-prime at best. Why so low? There are a few contributing factors, including:<\/p>\n<ul>\n<li><strong>Time<\/strong>. A long and positive credit history promotes a higher credit score. According to a CreditKarma <a href=\"https:\/\/www.creditkarma.com\/article\/age-of-credit-history\">survey<\/a>, there is a strong correlation between older accounts and credit health. Consumers with accounts open:\n<ul>\n<li>1-2 years have an average credit score of 622.<\/li>\n<li>2-5 years have an average credit score of 638.<\/li>\n<li>5-8 years have an average credit score of 661.<\/li>\n<li>8+ years have an average credit score of 675.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>As credit newbies, 20-somethings are still working to establish themselves, a goal that takes time.<\/p>\n<ul>\n<li><strong>Debt<\/strong>. Consumers in their late teens and early 20s are faced with unique financial challenges:\n<ul>\n<li><strong>Paying for school<\/strong>. Whether it\u2019s private high school or a four-year university, students need funds for education. When cost exceeds budget, many turn to credit cards or high-interest private loans for help. The result is decades of debt and credit damage.<\/li>\n<li><strong>Tackling firsts. <\/strong>Entering the adult world means tackling a long list of firsts, including renting an apartment, financing a car and applying for a credit card. Although these rites of passage are exciting, confronting them with poor credit means unfavorable contract terms, higher prices and inflated interest rates.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Compounding debt can overwhelm a young credit score, causing greater damage and long-term struggles.<\/p>\n<ul>\n<li><strong>Education<\/strong>. Education is a commodity, but few realize its importance within a financial context. Thirty-five percent of Americans have never checked their credit, and even fewer understand the factors of scoring, including the majority of students. Only 20 U.S. states mandate <a href=\"https:\/\/www.moneyrates.com\/research-center\/financial-literacy.htm#:~:text=States%20requiring%20personal%20finance%20coursework,Texas%2C%20Utah%2C%20and%20Virginia.\" target=\"_blank\" rel=\"noopener\">financial literacy courses in high school<\/a> as a graduation requirement, and only 6 of those states require testing. This blunder leaves many post-grads\u201474 percent\u2014unaware of their credit scores and vulnerable to financial mistakes.<\/li>\n<\/ul>\n<p>When good credit is imperative, what\u2019s the solution? <a href=\"https:\/\/CreditRepair.com\" target=\"_blank\" rel=\"noopener\">CreditRepair.com<\/a>&#8216;s<a href=\"https:\/\/creditrpr.co\/studentguide\" target=\"_blank\" rel=\"noopener\">\u00a0<em>Student\u2019s Guide to Credit<\/em><\/a> is a roadmap to early financial health. Readers will learn:<\/p>\n<ul>\n<li>Credit basics, including scoring factors<\/li>\n<li>Strategies to build and maintain credit<\/li>\n<li>How to spot financial pitfalls aimed at students<\/li>\n<li>Skills to achieve personal independence<\/li>\n<\/ul>\n<p>The bottom line: Creditworthiness is essential in today\u2019s marketplace. Begin with the right tools by <a href=\"https:\/\/creditrpr.co\/studentguide\" target=\"_blank\" rel=\"noopener\">downloading your free e-book here<\/a>.<img loading=\"lazy\" decoding=\"async\" class=\" size-medium wp-image-353908 aligncenter\" src=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2015\/08\/Student-Guide-300x300.png\" alt=\"Student Guide\" width=\"300\" height=\"300\" srcset=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2015\/08\/Student-Guide-300x300.png 300w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2015\/08\/Student-Guide-150x150.png 150w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2015\/08\/Student-Guide-400x400.png 400w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2015\/08\/Student-Guide-450x450.png 450w, https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2015\/08\/Student-Guide.png 500w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Credit is an essential part of life, a long-term opportunity to excel and achieve financial security. Unfortunately, the majority of young Americans are missing the mark. The average score for adults ages 18 to 24 is 630, earning them a label of sub-prime at best. Why so low? There are a few contributing factors, including: [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.5 (Yoast SEO v18.5.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Importance of Credit: A Student&#039;s Perspective - CreditRepair.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.creditrepair.com\/blog\/credit-repair\/importance-of-credit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Importance of Credit: A Student&#039;s Perspective\" \/>\n<meta property=\"og:description\" content=\"Credit is an essential part of life, a long-term opportunity to excel and achieve financial security. Unfortunately, the majority of young Americans are missing the mark. The average score for adults ages 18 to 24 is 630, earning them a label of sub-prime at best. Why so low? There are a few contributing factors, including: [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.creditrepair.com\/blog\/credit-repair\/importance-of-credit\/\" \/>\n<meta property=\"og:site_name\" content=\"CreditRepair.com\" \/>\n<meta property=\"article:published_time\" content=\"2015-08-25T14:00:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-25T03:05:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2015\/08\/shutterstock_232590190-300x300.jpg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sarah Szczypinski\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.creditrepair.com\/blog\/#website\",\"url\":\"https:\/\/www.creditrepair.com\/blog\/\",\"name\":\"CreditRepair.com\",\"description\":\"We are the credit repair experts\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.creditrepair.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.creditrepair.com\/blog\/credit-repair\/importance-of-credit\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2015\/08\/shutterstock_232590190.jpg\",\"contentUrl\":\"https:\/\/www.creditrepair.com\/blog\/wp-content\/uploads\/2015\/08\/shutterstock_232590190.jpg\",\"width\":1600,\"height\":1600},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.creditrepair.com\/blog\/credit-repair\/importance-of-credit\/#webpage\",\"url\":\"https:\/\/www.creditrepair.com\/blog\/credit-repair\/importance-of-credit\/\",\"name\":\"The Importance of Credit: A Student's Perspective - CreditRepair.com\",\"isPartOf\":{\"@id\":\"https:\/\/www.creditrepair.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.creditrepair.com\/blog\/credit-repair\/importance-of-credit\/#primaryimage\"},\"datePublished\":\"2015-08-25T14:00:20+00:00\",\"dateModified\":\"2022-01-25T03:05:49+00:00\",\"author\":{\"@id\":\"https:\/\/www.creditrepair.com\/blog\/#\/schema\/person\/d3e71b72daf197806b1741f59a515dc7\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.creditrepair.com\/blog\/credit-repair\/importance-of-credit\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.creditrepair.com\/blog\/credit-repair\/importance-of-credit\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.creditrepair.com\/blog\/credit-repair\/importance-of-credit\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.creditrepair.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Importance of Credit: A Student&#8217;s Perspective\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.creditrepair.com\/blog\/#\/schema\/person\/d3e71b72daf197806b1741f59a515dc7\",\"name\":\"Sarah Szczypinski\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.creditrepair.com\/blog\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/47b5e6a84a489a50c5dd6905e7703bd6?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/47b5e6a84a489a50c5dd6905e7703bd6?s=96&d=mm&r=g\",\"caption\":\"Sarah Szczypinski\"},\"description\":\"Sarah Szczypinski is a financial writer specializing in personal money management and credit repair. 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