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An Online “Crash Course” on Credit

Susquehanna Bank recently added a series of online educational videos to our website, including a couple on the importance of managing credit. We were looking for someone to “test-drive” the videos, and figured a college student might be a good choice. So we turned to our fall intern, Brielle. Let’s find out what she learned.

 

A guest blogger submission by Brielle, a college senior:

I used to ask myself, “Why is good credit important?” After checking out some of the information from Susquehanna Bank’s website, I’m getting the picture. Unfortunately, there are many people who do not.

I recently visited several peers at a local university and learned the group was raised with a very limited knowledge of credit. For example, one student paid the minimum on a credit card bill for almost a year because he was unaware of the consequences; he has now spent over twice the initial amount because of interest fees. In addition, he has lowered his credit score.

Fortunately, knowledge of building good credit is increasing. Susquehanna Bank recently released an interactive way to learn about credit-building skills. Videos such as “Building Good Credit” and “Understanding Your Credit Score” are now available on Susquehanna’s Website. These videos discuss important information, such as:

  • Why paying your credit card bill on time contributes to a higher credit score
  • How good credit lowers costs for car insurance, minimizes hassles when applying for an apartment, and opens doors of opportunity to receive better loans
  • Where you can receive free credit reports and how to read them

These educational videos can be used as a resource to get started learning the basics of credit. There are many more videos on various financial topics also available on the bank’s website.

Our fall intern, Brielle

Although many people understand it is important to have good credit, how to achieve this standing may be an even more important concept to grasp. Building credit and being able to understand a credit report are important skills to have in order to make the most of your future financial opportunities.

Our thanks to Brielle for reviewing two of our new online videos and for her work in our Communications Department this semester!

Do you have tips that have helped you effectively manage credit? If so, let us know and we’ll share them with other readers.

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Posted in Banking Basics, Financial Education.

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