Watching Your Credit Score is the First Step…
We all want a better life – a better house, maybe a bigger car or a greener car, no credit debt and more. Here’s an argument that FICO® credit scores have done more to enable the middle class dream than any other innovation. Before credit scores, consumers were judged on their race, their gender or even their neighborhood when being considered for loans. Now, such factors are eliminated. But there’s a credit score that is watching you from the time you open your first credit card.
The SAT exam is widely considered to be the true milestone in changing the educational system from a blue-blooded pathway to a meritocracy. The SAT may have been the most crucial element in diversifying our universities and colleges and thus our professions. This certainly lead to more diversity in our schools and perhaps higher paying jobs for many new people. But, how many people even go to college?
Most wealth in the US is not created through our wages. Our W-2’s do not lead to the type of riches many people dream of. Instead, wealth is created through our real estate holdings, our stock market holdings and the effect of compounding. Credit scores don’t impact every wealth factor but even the FTC says ” it’s hard to create wealth without credit”.
- Should College Students Get Credit Cards on Campus? – Episode #23
- Do Colleges Profit from Credit Card Marketing on Campus? – Episode #47
- Financial Aid and Credit Scores – Episode #66
- What is FICO ’08 and How Does It Impact My FICO Credit Score? – Episode #39
- Law School Students and Credit Scores – Episode #67
- Average Credit Scores – Episode #60