By LIDDIE MARTINEZ
President, Los Alamos Region
Enterprise Bank & Trust, Member FDIC

Whether you’re a college student finishing your first semester or a recent graduate entering the working world, it’s never too early to start building your credit score. Having a good credit score may not be your top priority as a student or young professional, but down the line that will likely change.

When you’re ready to buy a home or start a business, you’ll want to have a history of good credit. By starting to build credit as a young adult, you’ll have plenty of time to be sure you’re prepared for what lies ahead.

There are many different ways to build credit and plenty of reasons to do so. Good credit scores can help you qualify for lower interest rates when applying for a loan. Your credit score can also impact whether you can rent an apartment or how much you pay for insurance.

One of the easiest ways to build credit is by making purchases with a credit card. While using a credit card can help raise your score, it can also lower it if you’re not careful. As a new credit cardholder, you can keep your score up by making payments on time.

From credit cards to student loans, timely payments let lenders know that you are reliable and keep up with your bills. Contrarily, missing a payment can bring your score down. Another way to build and maintain good credit is by keeping your credit usage to a minimum. Limiting how much credit you use shows lenders that you budget well and refrain from overextending your finances.

Enterprise Bank & Trust has several tools to help young people start their financial and professional journeys on the right track. Our student banking services allow you to bank when and how you want through mobile and online banking, remote check deposit, bill pay, money transfers and more. I wish you the best of luck on your educational, career and credit-building journeys.