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Millennials Need To Manage Their Credit Score

Millennials are coming of age with the lowest interest rates in history and in turn the use of debt is at an all-time high. Younger adults tend to use credit cards to fund day-to-day purchases and may not know that how they use them can make a difference later. Living within your means and faithfully making your payments on credit cards and other obligations is essential to long-term financial well-being. But, it also helps improve your credit score.

A high credit score is important because it proves your creditworthiness and will help you secure better borrowing terms when the time comes, such as lower interest rates on your mortgage or car loan. A credit score above 720 is generally the accepted level for having “good” credit.

Here are some actions that can raise your credit score:

  • Consistently pay your bills and credit cards on time.

  • Do not max out your credit card limits, by using around 25% of your total limit implies you do not rely on the credit card to get by.

  • Do not open and close accounts too frequently.

  • Review your credit score regularly for inaccuracies.

Having a high credit score is just one of many stepping stones to financial independence, and it takes time to build good credit. If you do not know your credit score you can get it once a year for free at

For questions or comments about this article, contact our office at 515-284-1011 or

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