The Enterprise
  • News
    • Local
    • Sports
    • Business
    • Education
    • Family
    • Community Calendar
    • Neighborhood News
    • State News
    • National News
  • Obituaries
  • Spiritual
    • Southern Baptist
    • Parabola
    • Transcendental Meditation
    • The Episcopal Diocese of Virginia
  • eEnterprise
  • Legals
  • Classifieds
  • Contact
  • Login
Subscribe For $2.50/Month
No Result
View All Result
  • News
    • Local
    • Sports
    • Business
    • Education
    • Family
    • Community Calendar
    • Neighborhood News
    • State News
    • National News
  • Obituaries
  • Spiritual
    • Southern Baptist
    • Parabola
    • Transcendental Meditation
    • The Episcopal Diocese of Virginia
  • eEnterprise
  • Legals
  • Classifieds
  • Contact
  • Login
No Result
View All Result
The Enterprise
No Result
View All Result
Home School

Students should learn about credit scores

March 11, 2016
in School
1
VIEWS
Share on FacebookShare on Twitter

Students should be familiar with credit scores, according to KHEAA.
Your credit score is a three-digit number that has a long-lasting effect on your buying power. When you apply for credit, your credit score will be checked. The higher your credit score, the better the chances you will be approved.
Although there are several scoring methods, the most widely accepted one comes from FICO. Your FICO score ranges from 300 to 850. These items make up your FICO score:
• 35 percent of is based on your payment history. Early payments will have a higher number than on-time payments, which will have a higher score than late payments.
• 30 percent is based on outstanding debt. This outstanding debt is how much you owe on car loans, mortgages, credit cards, etc. The number of credit cards you have and if those cards are near the maximum borrowing limit will hurt your score.
• 15 percent is based on the length of time you have had credit. The longer you have been borrowing money and paying it back in a timely manner, the better your score.
• 10 percent is based on new credit. If you have opened several new accounts, that will have a negative effect on your score. Also, the more inquiries on your credit report in a year, the lower your score.
• 10 percent is based on the types of credit you currently have. It helps to have a mix of loan types. If you have a credit card, an installment loan will even the credit out.
KHEAA is a public, non-profit agency established in 1966 to improve students’ access to college. It provides information about financial aid and financial literacy at no cost to students and parents.

Previous Post

Mountain Top Party Line

Next Post

Sisk named to ANU dean’s list

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Subscribe To Our Newsletter

Sign up now to get weekly top stories, eEdition notifications, deals and more from The Enterprise right to your inbox.
  • Login
  • Logout
  • Subscribe To The Enterprise
  • Contact Us

© 2021 Mountain Media, LLC

No Result
View All Result
  • Local
  • Obituaries
  • Sports
  • School
  • Family
  • Business
  • Panorama
  • Opinions
  • Contact Us
  • My account
  • Subscribe To The Enterprise

© 2021 Mountain Media, LLC

Forgot your password?

Lost your password? Please enter your email address. You will receive mail with link to set new password.

Back to login

Add The Enterprise to your Homescreen!

Add