Youth-Related Discounts

Open a Student Credit Builder Card

Credit Card Calculators

Cards Need TLC

Pick A Card, But Not Any Card

How Teens Get Sucked Into Credit Card Debt
 

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Have you ever stopped to wonder what life would be like without all the things you’re used to, such as cars and homes? Not many people can afford to buy all the things they need or want with cash. Without credit, the world would be a very different place. Everyone should understand about The Principles of Credit.

Credit cards are a form of financing because they are an open “loan” that can be charged up and paid down. Learn why they're called credit cards.

The three credit bureaus - Equifax, Experian, and TransUnion, all use a number to rate your lending “risk”, called your credit score. Your credit score is determined by many factors, including the length of time you have used credit and how well you pay back your loans. If you pay your loans on time, your credit score is going to be higher than that of someone who is late, or worse, doesn’t pay back the money they owe at all. It’s important to learn all about credit scores and to maintain a good score throughout your life.

You get rewarded for having a good credit score with lower interest rates, which save you lots of money when you finance your car or home. Responsible lenders appreciate responsible borrowers.

"Those who understand interest earn it; those who don't are doomed to pay it."
- Albert Einstein

If managed well, credit can be an asset to your lifestyle. It can help you buy a car, take a vacation, or get a loan for a new home. If not, you can find yourself deep in debt. How to Manage a Student Credit Builder Card

There are ways to start building a good credit history, even if you’ve never had credit or made a major purchase:

  1. At age 15, eligible members can apply for a share-secured credit card with a joint account holder who is a parent or legal guardian. Your Primary Share Savings Account will be used to secure your card, and you’ll need to have an amount on deposit that at least matches your credit limit.

  2. If you do obtain a credit card, start with a low line of credit, like $300, and use it responsibly to make small purchases. If you start with small amounts and always pay these back on time, you’ll be showing that you can be trusted to pay back larger amounts later on.

  3. Be aware that if you don’t or cannot pay the total balance of your bill in full when it’s due each month, you will be charged interest on any new credit charges. Don’t spend more than you can pay off in a reasonable time.

  4. Even if you can only pay the minimum amount due every month, pay your bills on time!

As you move through different stages of your life, SCCU can help you develop a plan to manage your personal finances responsibly so that you can build a sound financial future.