Keeping track of a credit score pays off

By: Narges Taghavi

Feature Editor

A workshop to help students understand their credit score was held on campus at the start of November. The event was beneficial by helping participants learn the ins and outs of their credit score, while teaching them the importance of maintaining good credit. The FICO score, the leading credit score standard in the US, was a major topic.

Students learn about the importance of their credit score and What it means for their future
Photo by Josi Weaver

The workshop mentioned the three national credit score sources, Experian, Equifax and Trans Union. There was also information on what could be hurting credit scores. Some of the major things that contribute to a bad credit score are:

  • Missing Payments
  • Maxing or Closing out credit cards
  • Opening numerous new accounts in a brief stint
  • Borrowing from finance companies

Another topic discussed was the people who look at credit scores. It is surprising the amount of people looking at them, such as insurance and cell phone companies. There were tips on raising your credit score and the overall significance of keeping track of your score that can easily be ignored.

During the session, what can affect credit scores for the longest amount of time was detailed to attendees.

  • Opening accounts in good standing – Indefinitely
    • Late or missed payments – 7 years
    • Collection accounts – 7 years
    • Civil judgments – 7 years
    • Chapter 7 bankruptcy – 10 years
    • Chapter 13 bankruptcy – 7years
    • Unpaid tax liens – 15 years
    • Paid tax liens – 7 years
    • Credit inquiries – 2 years

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