Welcome back to the #AskJudgeNinfo series! In this series, CARE’s founder Hon. John C Ninfo will be answering your questions about personal finance, credit, savings, and so much more. In this installment, Judge Ninfo discusses the reasons young people need to care about their credit scores. To submit your own questions for the Judge, visit this link. Please enjoy these tips and resources, and look out for the next installment of #AskJudgeNinfo coming soon!
Q: Judge Ninfo, why should young people care about their credit score?
A: It is important to care about your credit score so that you are able to set yourself up for financial success early on in life. Your credit score, which is a math algorithm of the information in your credit report, can make the difference between whether or not you obtain a desired loan, (like a mortgage, car loan, or credit card), the amount of the loan you qualify for, and what the interest rate will be. It can also determine your insurance premiums, the amount of any deposits you may have to pay on things like a lease or utility account, the amount of some required down payments, and even whether you will get an apartment lease.
