Good habits now pay dividends later

Sara Weiser – PSECU’s Pubic Relations Manager

Credit is important, but not many people know how to build their credit score. Here are five tips for building a healthy credit.

Consider Credit Cards Carefully:

•Do not apply for every credit card offer you receive.

•Carefully review terms and check important items like Annual Percentage Rate (APR) and how it is calculated.

•Be sure you understand the penalties if you miss a payment or are late.

Only purchase items you can pay off in full:

•Build credit by using your card for small purchases that you are able to pay off.

•Only making purchases you can pay off in full allows you to avoid accruing interest.

Read Terms and Conditions carefully:

•Low introductory APRs may increase substantially after a fixed period of time.

•There may be an annual fee for possessing the card that will be charged to your account.

Make all of your payments on time:

•Avoid late fees.

•Avoid negative impacts on your credit report.

Monitor your credit report and credit score:

•Take advantage of your free credit reports.

•Alter the reporting agencies if you notice any discrepancies or inaccuracies.

•Ensure that no accounts are being opened in your name without your knowledge.

We’re a financial institute that gives more, so you can build on what you already have. We are here for you now, and wherever you go after graduation.

The content provided in this article is for informational purposes only. Nothing stated is to be construed as financial or legal advice. PSECU recommends that you seek the advice of a qualified financial, tax, legal or other professional, if you have questions.

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