Building Credit With FICO: Sallie Mae Facebook Live

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Part of becoming an adult is learning how to wisely manage your money. From that skill, you’ll responsibly build credit, and in many ways, credit makes the world go around. On Tuesday, October 15, the Sallie Mae Facebook Live team, Jenelle Dito from FICO and Debbie Schwartz from Road2College shared tips for building your credit as a student, which can often be a scary thought! But like most financial topics, credit, and maintaining a good credit score, is only scary if you don’t know the details.

What does FICO stand for? You might think it’s a “F” is for federal, but it’s not. It’s from the Fair Isaac Corporation, which has been doing this work for over 30 years. FICO looks at your complete financial picture, and assigns you a three-digit FICO score, from 300 to 850. That score tells financial institutions and other credit lenders, like car dealerships and rental companies, what your credit risk is.

RELATED: Saving Money… Even When Your Friends Aren’t

The main point? Students: Be sure and get credit and use it wisely! If your student does get a credit card to build credit, don’t keep a balance and never miss a payment!

You can check out the full Facebook Live episode below and find out everything you need to know about building credit.

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