College Students Appear to Understand Credit Card Usage, but not Credit Scores

Although college students appear to understand how to use their credit cards and benefit from them, it seems they aren’t quite so educated about credit scores. A recent survey from Equifax showed that students approach their credit scores with caution, but they would absolutely benefit from a deeper education on the matter. The survey polled students between 18 and 24, which is the prime age for building credit. Many of these students understood the importance and responsibility behind having a credit card and making timely payments, and at least 70 percent of students had at least one card. Only 10 percent carried monthly balances, though. The survey showed many students to incorrectly identify factors that would affect their credit scores, such as gender, driving records, checking credit reports, and more. This is worrisome and leads Equifax experts to believe that the next generation needs a better grasp on what goes into a credit score. Image via Money Crashers.