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Discover Helps Students Build Good Credit

[Thursday, February 20th, 2014]

Young people just starting out on their independent financial lives will get a head start on building a great credit card score with Discover’s introduction of free FICO scores for all cardholders.

The popular credit card issuer recently announced that all cardholders would be able to track their FICO scores, as well as the factors that influence them, via their monthly statements. Credit scores will be printed on statements and also available on the site’s secure accountholder center. Along with the actual score, Discover will provide cardholders with the two biggest things that influenced the score that month.

This is a huge development for students who are beginning to build credit. It used to cost money to get access to your credit score, usually through joining a credit monitoring plan. But now, with the advent of free credit scores, it will be simple for students to see how they are doing, credit-wise. Building credit can be tough for people who have just been approved for their first credit card, and it’s hard to know what goes into a high score – or what’s pulling your score down.

FICO scores are pulled from TransUnion data. They are based on several factors including payment history, length of credit history, debt-to-credit ratio, number of new credit accounts opened, and mix of credit types. Scores range from 300 to 850.

Discover began furnishing free FICO scores to select cardholders in November 2013, and with the positive response they got from customers, expanded the program to all cardholders. Discover has a student credit card, Discover it for students that has no annual fee and offers cash back rewards on all purchases.

The importance of a good credit score

Students may not be aware how important a good credit score is until they try to get a car loan, a mortgage, or apply for an apartment. That’s when potential lenders or landlords will pull their credit score. If they’ve maxed out credit cards, made late payments, applied for multiple cards or closed accounts before they build a long credit history, they could find themselves with poor credit right out of the gate.

But keeping track of their score and the factors that influenced it, can help ensure that they graduate with great credit. Discover’s latest offering will help them do just that.

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