To build good credit, pay bills on time, keep your credit utilization low, and reduce your debt.
Gen Z is faced with paying back larger loans and more credit card debt, especially for those carrying a balance every month.
Why good credit mattersGenerally, a good credit score falls between 670 to 739, according to the FICO model.
The benefits of a good credit score include better approval odds when applying for a loan, credit card, or line of credit.
Keep your credit utilization lowRemember, your credit utilization — the amount of available credit you are actually using — is one of the factors that determines your credit score.
Persons:
—, Zers, it's, Gen Z, wouldn't, Gen Zers
Organizations:
Service, Federal Reserve, Self