Financial Report Cards: Not Just for School Anymore

Send us a text

In the latest Launch, Frankie & Alfredo explore credit scores as financial report cards that measure how responsibly you handle money, explaining the concept in family-friendly terms and sharing personal experiences to help listeners avoid common credit pitfalls. We cover:

• Credit scores are three-digit numbers (typically 350-800) that act like a GPA for your financial behavior
• Payment history is the biggest factor affecting your credit score
• Other significant factors include amounts owed, credit utilization, credit mix, and frequency of credit checks
• Everyone starts with a blank slate rather than a predetermined credit score
• Young adults often get targeted with credit card offers that may not be in their best interest
• Seeking advice from trusted sources is crucial when beginning your credit journey
• Personal stories of credit mistakes can help younger generations avoid similar pitfalls

This week's family challenge: Create your own credit score simulation at home based on completing chores or assignments, rating performance on a scale of 0-100 to practice the concept of accountability and consistency.

Learn More: https://www.premieramerica.com/bank/accounts/youth

Federally insured by NCUA. Equal Opportunity Lender.