Since this is a website brought to you by a credit union, it's only natural to have a page dedicated to all things money!
The Makes Cents page will grow to be a collection of links and resources to help you make sense of your financial life. Think of it as free advice!
Do you have a burning financial question that keeps you up at night? Or how about a simple money matter that you are confused about? Fill out the simple form below and hit submit. We will post your question with the answer below.
Debit vs. credit... it’s a tough question – first off, credit cards getting a credit card earlier in (ahem) adult life and maintaining that good credit (not being late on any payments, not maxing it out) has a good impact on your credit score. Why? One of the criteria in a credit score is the length of time that you’ve been using credit.
That said, there are credit card deals out there that aren’t attractive when you read the fine print (which you should always do, no matter how boring that may seem).
Look into a credit union or bank to get your first credit card – the institution you have your debit card with will likely be a good resource and may have a great product.
(Disclaimer: I’m about to sell something.) One thing we do at TDECU is we just launched a product to go hand in hand with our student loans. It’s a 0% APR card for as long as a student is an undergraduate in college. A lot of credit cards out there have a 0% introductory rate, but none that I know of (maybe there are some out there) are 0% for students. Pretty cool, eh?
Used hand in hand with debit (using debit when you have the money), credit isn’t a bad thing… just make payments on time, don’t get in over your head (maxing a card out is not a good idea), and read the fine print when choosing a card.
Asked by DeAndre' on 08/11/2008
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You need to be 18 to apply for a loan on your own. If you are under 18, you need a co-signer to back you up. Normally, a parent or older sibling would agree to co-sign for you. This person takes on the responsibility to ensure the loan payments are made. By federal government law, a document signed by a minor (person under the age of 18) does not hold up in court.
Asked by Pat on 08/11/2008
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