Educate members with these four tips for healthy credit
Once again, summer has flown by and the back-to-school season is upon us. The start of a new school year is exciting, but it can also be stressful for parents to manage the added expenses of supplies.
In fact, parents will spend an estimated $510 per household on school supplies this year, according to a survey from Deloitte that analyzes back-to-school buying trends.
This time of year is a great opportunity to educate your members on ways to improve their financial lives, so they can stress less. And, members who benefit from your guidance are more likely to seek you out when they make financial decisions in the future.
To start, here are four tips for healthy credit you can share with members today:
- Understand the components of a credit score.
Healthy credit is more than just the rate you pay on a credit card. Your credit can affect your ability to purchase a home, send your child to college and plan for retirement. FICO Scores are used in over 90 percent of U.S. lending decisions, so understanding how this number is calculated is an important step to improving and managing the health of your credit.
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