Congrats! You just graduated college and you're starting to get your finances in line.

Details:

You currently have $40,000 in student debt.

You have a credit score of 672. (Not bad, but it could be better.)

Your job is to get your credit score as high as possible.

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I'm Up To The Challenge!

You are looking for your first credit card with a credit limit around $1,500.

Should you:

$2,000 · 25% APR Get a credit card with a limit of $2,000 at 25% APR?

$1,000 · 18% APR Get a credit card with a limit of $1,000 at 18% APR?

Having a credit card balance within your budget will help prevent overspending and maxing out. This will ensure success when trying to build your credit score.

You are constantly maxing out your credit card.

Should you:

Use ALL Continue to use all your available credit?

Use < 1/3 Use less than a third of your available credit?

23% of your credit score is based on how much usage you’ve had on your credit cards or accounts that have credit limits. Always try to use less than 30% of your total available credit.

You have the chance to take a vacation with your friends, but you would have to skip your credit card payment.

Should you:

Vacation Go on the vacation and pay for it with your credit card?

Pay Bill in Full Pay your credit card bill in full and stay home?

Skipping a credit card payment will drastically change your credit score for the worse. You want to make sure your payments are always on time, as it accounts for 40% of your credit score.

You have to pay your monthly credit card bill.

Should you:

Pay in full now Pay off the balance in full?

Pay the minimum Pay the minimum required amount?

Wait 'Til Next Month Wait until next month when you have enough to pay off your balance?

Paying off your credit card in full will keep the amount of interest you earn to a minimum.

You are now a few years older and looking to buy a car. You found a car that you really like but it’s a little bit out of your price range.

Should you:

Expensive Buy the expensive car?

Within Budget Buy a car within your price range?

Buying a car in your price range gives you financial stability. As well as building solid payment history on your credit report. Defaulting on your loan or having your car repossessed will greatly damage your credit score and may prevent you from getting loans in the future.

Your car broke down while driving on the highway. You have to pay $700 in repairs.

Should you:

Pay With Savings Pay for the repairs out of your savings account?

Pay With
Credit Card Pay for the repairs on
your Credit Card?

You only have a credit limit of $1000, the $700 will exceed the 30% you should be using on this card. Remember, over drafting your credit card will leave a negative impact on your credit score. If you have liquid cash available for unexpected expenses like this, it is best to use it. When you can’t afford a bill, don’t use your credit card. Since you won’t have a steady cash flow to pay the balance, you will add up enormous interest and could be paying this bill for years.

You are looking for a personal loan to help pay off some recent medical bills. You have applied to six different credit unions, and they pull your credit each time.

Should you constantly have a financial institution pull your credit score?

Yes, It's OK to Constantly Pull My Score

No, Not a Good Idea to Constantly Pull My Score

Even applying for one personal loan with a balance of $5,000 can decrease your credit score by 25 points. It is good practice to do your research on loan rates, payment options, and term limits before applying for a loan.

Congratulations!

You completed the Superior Credit Union Credit Score Simulator and ended with a final credit score of:

Your credit score impacts so many areas of your financial life. Take a look at how different credit scores can affect your financial health, lead to higher or lower interest rates and paying more or less for your loans. Show Me Things Credit Scores Can Affect

Terms: The simulations are hypothetical; they do not predict or guarantee that your actual score will rise or drop to the simulated score, nor do they guarantee that you will be approved or rejected for credit by any financial institution. Entering data into the Simulator does not affect your actual score.

Things Credit Scores Can Affect

Opening a Checking Account
Homeowner Insurance Rates
Car Insurance Rates
Auto Loan Rates
Credit Card Rates
Life Insurance Rates
Basically, for any loan--Credit scores will affect your rate of interest.

SAMPLE INTEREST RATES BASED ON CREDIT SCORE

Model Year	Max Term	740 & Above	700-739	650-699	620-649	Below 620
2021-2023	Up to 60 months	6.79% APR	7.29% APR	8.79% APR	11.79% APR	14.79% APR

APR = Annual Percentage Rate. Rates based on Superior auto loans effective 8/10/2023 and are subject to change.

BORROWING EXAMPLE BASED ON CREDIT SCORE

Applying to Borrow Money	Susan	Robert
Credit Score	740	590
Loan Amount	$15,000	$15,000
Interest Rate	2.75% APR for 60 Months	12.75% APR for 60 Months
Monthly Payment	$262.87	$339.36
Total Interest (Over 5 Years)	$1,071.83	$5,361.28
Total Amount Paid (Over 5 Years)	$16,071.83	$20,361.28

Fair

672