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Credit Help
Monitoring your credit by reading your credit report is the No. 1 step to improving your credit score.
Your credit report offers you a complete view of your current and past credit and financial situation. But without a guide, reading your credit report can seem overwhelming and confusing.
Use our easy-to-follow guide to take the frustration out of reading your credit report:
Section 1: Identifying Information
This section contains:
1. Your name
2. Current address and previous addresses
3. Employment information
4. Social Security number
5. Birth date
You may be tempted to read quickly over this section, but take a minute to ensure everything is correct. For example, carefully look for:
- An incorrect house number on your address
- Outdated employer information
- A SS number off by just one or two numbers
Section 2: Account History
Here’s the meat of the credit report. Your account history will include:
1. Creditor name (i.e., credit card company, mortgage lender, bank)
2. Account number
3. Type of account (i.e., real estate, auto, educational, credit card)
4. Date opened
5. Last activity
6. Balance (how much you currently owe)
Curious about how your credit and financial state compares with the rest of the country?
The numbers don’t lie. We’ve compiled 25 useful and interesting credit, debt and saving statistics to help you better assess your situation and learn more about your credit score today.
1. On average, consumers have 13 credit obligations on record, including credit cards and installment loans, according to FICO.
2. 50% of all consumers have been 30 or more days late on a payment, according to FICO.
3. 3 out of 10 have been 60 or more days overdue, FICO reports.
4. 1 in 7 consumers uses 80% or more of their credit card limit, FICO reports.
5. 40% of credit card holders carry a balance less than $1,000, according to FICO.
6. 15% carry balances in excess of $10,000, according to FICO.
7. 84% of college students have credit cards, according to Sallie Mae.
8. 50% of college students or more have at least 4 cards, according to Sallie Mae.
9. 75% of college students who have credit cards carry a balance, Sallie Mae reports.
10. The average credit card balance for college students is $3,173, according to Sallie Mae.
When your college student comes home for the first time this fall, they’ll likely bring an intense craving for a home-cooked meal, a dozen loads of laundry and (hopefully) a few decent grades. But what you hope won’t arrive on your doorstep this fall is your college student in credit card debt.
College students in credit card debt are no doubt a major problem nationally. According to a study by student lender Sallie Mae, more students than ever before have their own cards, and an alarming number carry a large balance. Study findings include:
• 84% of college students have credit cards
• 50% or more have at least four cards
• The average balance is $3,173
• 75% carry a balance
• 60% are surprised at how high their balances are
So just how do your students get entangled in this mess, and how do you avoid finding your college student in credit card debt?