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How Credit Scores are Calculated

How Credit Scores are Calculated

Build Credit as a Teen May 1, 2020 by TFT Staff
May 1, 2020
How Credit Scores are Calculated
Build Credit as a Teen May 1, 2020 by TFT Staff

Everyone seems to be so concerned about building and maintaining a good credit score. As a teenager, you may be thinking “Why is everybody so worried about credit anyways?”

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How to Build Credit

How to Build Credit

Build Credit as a Teen March 31, 2020 by TFT Staff

How to Build Credit

Build Credit as a Teen March 31, 2020 by TFT Staff

When you’re 18 years old the last thing on your mind is credit – we’ve been there. Keep in mind your credit score is what will lenders will use the rest of your life to know if you’re trustworthy enough based on your finances.

Installment Loans vs. Revolving Credit

Installment Loans vs. Revolving Credit

Build Credit as a Teen May 6, 2019 by TFT Staff

Installment Loans vs. Revolving Credit

Build Credit as a Teen May 6, 2019 by TFT Staff

All lines of credit fall into one of two categories – an installment loan or revolving credit. Neither one of them is “better” than the other. In fact, it’s actually great for your credit score to have a few lines of credit within both categories.

Why Did My Credit Limit Increase?

Why Did My Credit Limit Increase?

Build Credit as a Teen December 13, 2018 by TFT Staff

Why Did My Credit Limit Increase?

Build Credit as a Teen December 13, 2018 by TFT Staff

A “credit limit” is the maximum amount that your credit card company will allow you to put on your credit card at one time. The difference between this and your outstanding balance is called your available credit.

What is the Minimum Credit Score to Lease a Car?

What is the Minimum Credit Score to Lease a Car?

Build Credit as a Teen December 4, 2018 by TFT Staff

What is the Minimum Credit Score to Lease a Car?

Build Credit as a Teen December 4, 2018 by TFT Staff

When you lease a car, you are essentially renting it from the dealer for a set amount of time, with an option to purchase the car at the end of your agreement.

What is a Charge Off?

What is a Charge Off?

Build Credit as a Teen November 27, 2018 by TFT Staff

What is a Charge Off?

Build Credit as a Teen November 27, 2018 by TFT Staff

To put it simply, a charge-off is a debt that a creditor gives up trying to collect after you’ve missed payments for several months. These can be any balance from a mortgage, credit card, doctor payments, and any other debt that you have.

Is Having a High Credit Limit Good?

Is Having a High Credit Limit Good?

Build Credit as a Teen November 15, 2018 by TFT Staff

Is Having a High Credit Limit Good?

Build Credit as a Teen November 15, 2018 by TFT Staff

Your credit limit is the available spending power that you have on a given credit account. Think of it as an “allowance” that your bank gives you to spend on the card.

What is the Difference Between Hard vs. Soft Credit Checks?

What is the Difference Between Hard vs. Soft Credit Checks?

Build Credit as a Teen November 8, 2018 by TFT Staff

What is the Difference Between Hard vs. Soft Credit Checks?

Build Credit as a Teen November 8, 2018 by TFT Staff

Credit can be a very fragile thing and can be affected differently depending on who looks at it and why. When someone looks at your credit, it is referred to as a credit “inquiry”, “check”, or “pull”.

How to Get Your Free Credit Report

How to Get Your Free Credit Report

Build Credit as a Teen October 4, 2018 by TFT Staff

How to Get Your Free Credit Report

Build Credit as a Teen October 4, 2018 by TFT Staff

One of the primary pieces of advice that you will see when researching any sort of financing or credit building is to check your credit score and reports. At Teen Finance Tips, we highly recommend this as well.

Should I Get a Credit Card at 18?

Should I Get a Credit Card at 18?

Build Credit as a Teen September 27, 2018 by TFT Staff

Should I Get a Credit Card at 18?

Build Credit as a Teen September 27, 2018 by TFT Staff

You’re turning 18. Surely you’re feeling all of the pressure of “adulting” and it can be intimidating. For years now you’ve been told to save and prepare for the future.

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