Your Credit

Question: Do I really need credit?

Answer: No. No one has to have credit but it is almost impossible to go through life without credit in one form or another. Credit and debt is a way of life for most of people.

Question: I’m a college student and I’ve been offered credit cards. Should I accept them?

Answer: As a college student, you should be very careful when accepting and using credit cards. Many college students are finding themselves locked in a world of debt and bad credit because they don’t have the means to make credit card payments while attending school.

This is not to say “no” to accepting credit cards. It is meant as a warning to make you aware of the potential consequences.

Credit cards are very tempting when you don’t have the cash to purchase items that you want. If you accept credit cards, be sure that you are in a position to make the monthly payments before you start using them.

Question: My credit is not perfect and I want to buy a new car. What can I do to facilitate my purchase?

Answer: It really depends on how “not perfect” your credit is. If you have two or three thirty day late payments on your credit, some lenders will let you have an auto loan providing you show proof that you can make the payments.

On the other hand, if you have a history of late payments on your credit report, particularly if they are more than thirty days late, you will definitely have a problem getting the auto loan.

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