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Credit Management
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.
Do you pay your bills late and submit the minimum payment or less on credit card balances?
Have you made it a habit to max out credit cards?
Are you relying on payday loans just to survive?
You aren’t alone. But don’t be intimidated or overwhelmed if you need to improve a bad credit report. Instead, think back to your college days (and the time when your unhealthy credit practices may have started).
Approach cleaning up a poor report just as you did your educational career:
Hard work → high grade point average → dream job
Follow that formula to clean up poor credit:
Hard work → high credit score → dream home and car
GPA Credit Score
3.8 760
Just as a college GPA is a cumulative measurement of how well you perform in all of your classes, your credit score is a cumulative measurement that can fluctuate and is based on multiple factors:
• Fewer overdue payments = higher credit score
• More loans paid off = higher credit score
• Longer credit history = higher credit score
Managing your credit and personal finances can be an exhausting task to take on all alone. Regardless of whether you’re in debt or in the clear—or whether you’re a financial whiz kid or not at all financially minded—online tools can help you successfully manage your credit.
1. Mint: Manage your credit and finances with this free online tool that syncs bank accounts, credit cards, loans and investments. Mint reports on where your money is going and allows you to set budgets for yourself.
2. ClearCheckbook: This money management tool allows you to balance your checkbook online, view spending reports, automate recurring payments and set budgets. You can update your account online or on your cell phone.
3. SmartyPig: Set your own savings goals and deadlines, and SmartyPig will automatically withdraw payments from your checking account each month. You can also give friends and family access to your goals so they can help you reach them.
4. CalcEnstein: This “ultimate” online calculator determines interest, savings, exchange rates and business finances, among many other tasks. But the calculator is good for more than just your finances: Determine your body mass index, how much fertilizer your lawn needs or your blood alcohol content.