A Good Credit Score Is Important Quality For Young Adults Essay

759 Words Apr 14th, 2016 4 Pages
Today establishing a good credit score is an important quality for young adults to start and continue to build. Building credit is like a building a foundation for a house. Without a good foundation, the rest of the house will not be able to withstand future destructions. Similar to the foundation of a house, young adults need to build good credit, so it can support their future finances. For young adults seeking to build a good credit, Credit Unions are a helpful resource in providing accessible services for obtaining credit. In addition, having good credit is an essential quality for reasons such as applying for loans and for strengthening financial responsibility. A good credit score is beneficial for when applying for loans. Along with credit cards, loans can seem intimidating. Nonetheless, loans are the act of “borrowing money” that allows one to engage in an opportunity without the upfront total payment. For instance, using a private student loan to pay for college tuition. The costs of most college tuitions are significantly expensive and can be an overwhelming payment for many young adults. By applying for a private school loan, a credit union will allow a student to borrow money to pay the cost upfront. The student has the ability to begin their education and work to achieve a successful outcome to eventually pay the lender back. But, before receiving a loan of any type the lender must evaluate the borrower by their income and credit score. Having a good credit…

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