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Uneducated about how to earn credit

Posted by bcharlton
on January 31, 2008

While it may not seem like a horror story because I had no financial penalty, I was offered credit and used it for 6 years without a firm understanding of how to earn credit. I opened a new account thinking that would raise my FICO score only to learn my score actually dropped due to having a new account. Young people need more education about how to earn credit, what effects their FICO score, and how serious identity theft can be.

3 Comments

fkapadia
02/17/08 12:54 AM

I think that a simple guide around some key principals of how young people should go about building good credit could be an asset to the site. Credit Card companies are vultures by nature and any slip up on someone's part - like the individual in another post who was late on a car payment and saw a spike in his interest rate - can snowball into larger problems. We could use a basic guide on how to avoid being taken by surprise by credit card companies.

eboyle
02/10/08 10:39 PM

Right on. This kind of practical, applicable information -- on FICO scores, how to build credit, how NOT to build credit, etc. -- is what this site needs more of.

Renee
02/02/08 12:01 PM

This is very true! There's good reason the credit card companies don't educate us, and that's because it doesn't benefit them to do so. The only way to figure these kinds of things out is to hear stories like this.

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