Credit IQ for Students Archives

01.

Building Credit From Scratch

Good credit is a powerful key that opens up a ton of doors. As you navigate your future, you’ll rely on your credit score to help you get credit cards, car loans and rent an apartment. One day, you’ll definitely need it for a mortgage.

What is a Credit Score?

Learn how credit scores work, what they mean to creditors as they review your loan and credit card applications, and how you can stay on top of your score.

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Why Your Credit Score Matters

Your credit score is more than just a number. Use this credit score chart to help understand what your credit score means and why it matters.

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Where Does My Credit Score Start Off?

There's a misconception that consumers start at the bottom of the credit ladder and move their way up. There's some truth to this, but it's often more complicated than that. Find out here.

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Biggest Factors in Your Credit Score

Understand how your credit score is calculated. The more you know about how your credit score is computed, the easier it becomes to improve your score.

Advantages of Having a Credit Card

Learn all about the advantages of a credit card, how credit cards compare to debit cards and more with this Discover credit card advantage guide.

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Pre Approved Credit Cards

Find out how you receive pre-approved credit card offers, what to look for and how you can opt-out.

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What is Your Credit Score?

A three-digit number that is calculated by credit bureaus (or any other company) that shows your credit worthiness.

What is Credit History?

Your credit history takes your past credit behavior, including past loans and history of paying bills on time or late, and is used as one of several tools to calculate your credit score.

What is a Credit Bureau?

A company that collects the credit information of individuals from credit lenders and typically sells that aggregated information to credit lenders in the form of a credit report.

02.

Credit Card Basics

Applying for a credit card can be straightforward. You’ll need a few pieces of basic information handy, like your current address and your social security number. But first, take a minute to figure out which card is best for you.

When Can You Get a Credit Card?

Learn when you can get a credit card, how to get a credit card when you're eligible, and what kind of credit card you can get before you're 18.

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How to Apply for a Credit Card Online?

In the market for a new credit card? Increase your chances of approval with these helpful tips.

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A 7-Step Guide to Your First Credit Card

Learn how to get a credit card for the first time, from choosing where to apply for your first credit card, to improving the odds that your first credit card application will be approved.

The Complete Guide to Student Credit Cards

If you’re in school and considering a credit card for students, you probably have a lot of questions. This article will cover everything you need to know about student credit cards.

The process of getting your first credit card is straight-forward and requires just a little bit of research.

What’s the Difference Between Credit and Debit Cards?

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Learn a bit of the lingo. You will then feel totally comfortable with your decisions.

What is an Annual Fee?

A credit card’s annual fee is a yearly fee paid to keep the credit card open.

What are Interest Charges?

Interest charges are the cost of borrowing money. The interest rate that creditors charge is typically expressed in terms of an Annual Percentage Rate (APR).

What is an APR?

APR is the annual interest on your account if you carry a balance, expressed as a percentage.

What is a Credit Card’s Introductory Rate?

A lower APR offered by a credit card company to new customers for a limited period of time for purchases and/or balance transfers. Once this rate expires, your standard APR/interest rate will apply.

What is a Pre-Approved Credit Card?

Being pre-approved for a credit card typically means the card issuer has determined that you meet certain initial criteria that may include credit score and credit history.

03.

The Basics of Building Credit

More and more students have credit cards these days. This means more people are getting a head start on building credit. As a college student, there are cards specifically designed for you. This is the start of your journey.

How Do You Build Credit? Start Here

Knowing how to manage your payments and how to monitor your spending and credit score will put you on the best path to building credit.

Best Ways to Build Your Credit Score

Building good credit is the ticket to getting a lot of other good things. Learn how to build your credit to put you in a solid purchasing position.

The Best Cards to build Up Credit

One of the most effective ways to repair your credit score is to make on-time payments on a credit card. Here's some tips on how to improve your credit score by choosing the right credit cards for bad…

Learn How to Use Credit Cards Responsibly

Whether you just received your first credit card or you are hoping to improve your credit score, learn how to use a credit card responsibly to reach your financial goals.

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What is Credit History and Why Does it Matter?

Your credit history takes your past credit behavior, including past loans and history of paying bills on time or late, and is used as one of several tools to calculate your credit score.

What is a Minimum Payment on a Credit Card?

The smallest payment a customer can make each statement period to keep the account in good standing.

What is a Credit Limit?

Also known as a credit line, a credit limit is the total amount of money that can be charged to a credit card. Carrying a balance close to your credit limit may affect your credit score, which is why it’s important to know your card limit.

04.

Managing Your Credit

Build up credit – and then keep going. Making payments on time and spending wisely are two great ways to maintain your progress.

Simplest Ways to Manage Your Payments

Are you a first-time credit card holder? Learn how to understand and manage your credit card bill in three steps, including when and how much you should pay.

What is a Credit Card Balance?

While a credit card balance seems straightforward, fully understanding what it is can help you make better financial choices when it comes to spending, budgeting and paying down debt.

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What’s a Minimum Payment?

Learn what a credit card minimum payment is, how that amount is determined, and why you need to pay the minimum amount to stay financially fit.

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What’s an Interest Rate, or APR?

Not all credit card offers are designed equally. Before opening your next credit card account, make sure you understand APR for credit cards and how your interest rate could be impacted.

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How to Handle a Missed Payment

While paying your bill late does come with certain repercussions, you can typically avoid long-term damage to your credit score by paying the bill as soon as possible. Act quickly.

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Things to Know About Your First Card

The key to happy cardmembership is to know what you're doing from the start. Here are five tips for the first time credit card holder.

APR is how much the company or bank issuing your credit card can charge you for borrowing money.

Understanding exactly what your credit card balance is and how it’s calculated may help you make better financial choices.

05.

A Credit Card Gets You Perks

Another great reason for having a card is the rewards on offer. Earn cash back, discounts, points and other benefits just for paying for your everyday shopping.

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