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Your Credit Score Affects Your Purchasing Power
My niece recently graduated from college Magna Cum Laude and is working at her first job. She would like to rent an apartment in New York City and asked my advice. My first piece of advice to her was to build up her credit. For those just starting out, a good credit history will help them rent apartments and get car loans and mortgages in the future. Paying bills on time is the key. Paying off student loans is a good place to start. Making student loan payments on time is an effective way for young adults to boost their credit scores. In general, retail credit cards, such as those issued by stores like Macy’s or gas stations, are easier to obtain than regular unsecured cards. The downside is that they don’t carry as much weight on a credit report as a normal credit card. Also, make sure to read the fine print: some retail cards carry very high interest rates. So you need to be extra diligent about paying your balance in full on time every month. It is difficult for young adults to get unsecured credit cards on their own since legislation enacted in 2009 requires that a credit card ... more

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