5 credit tips for recent college grads
News from MyFox Philadelphia:

By Andrew Housser

As last spring’s college graduates settle into first jobs, chances are that many also are learning to use their first credit cards. Getting your first credit card can feel like an adult rite of passage. On the plus side, having — and using — a credit line can put you on the road to building a good credit history. This, in turn, will make it easier in the future for you to qualify for a car loan, a mortgage, or a loan to start your own business.

Of course, if you misuse this credit — such as by making payments late (or not at all), or maxing out cards — the reverse can happen. Mistakes can stay on your credit report for up to seven years and lower your credit score. This score, which represents your credit risk, is based on several factors: your past payment history, total outstanding debt, length of credit history, and the types of loans and credit you have. As you gain experience using a credit card, set a goal to keep your score in the over-700 range. With that score, it is more likely that you will receive preferred rates on car loans and mortgages, as well as have better status when employers or landlords take a look at your credit.

Here’s a look at five ways to maintain a healthy credit score.

1. Be careful when applying for credit.

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