Successful Savings and Your Credit History

April 24, 2012

By Katie Bryan, America Saves communications manager

April is Financial Literacy month and we want to make sure you understand the importance of your credit history and how this ties into successful saving. It is important for all Americans to have savings. Having a savings account allows you to pay for emergencies, gives you financial freedom, and can help you avoid credit problems that could hurt credit scores.

Having a strong credit history, reflected in good credit scores, allows you to qualify for lower interest rates and fees. This helps you to free up additional money to set aside for emergencies, retirement, and other smaller unexpected expenses.

The connection between successful savings and good credit plays an important role in your financial life. Not only is it essential for obvious things like qualifying for a loan or getting a credit card, but also for less obvious things like getting cellular telephone service, renting a car, and perhaps even getting a job.

Want to learn more about the importance of credit history and successful savings?

Download the Importance of Credit History and Successful Savings packet, which includes information on:

  • What is a Credit Report and Score?
  • Why is Saving So Important?
  • How do I Start Saving?
  • What Savings Options Are Available to Me?
  • Why is Good Credit Management so Important?
  • 5 Tips for Building Good Credit.
  • Frequently Asked Credit Questions.
  • FDIC Model Safe Accounts.

What are you waiting for?

Set a Goal.

Make a Plan.

  • Improve your credit history by making the minimum payment on all bills, keeping balances low on sources of credit, and applying for credit wisely. (learn more here)

Save Automatically.

  • In order to have good credit scores you must demonstrate a habit of good credit management over a long period of time. Set up direct deposit or put part of your check into a savings account automatically each month to pay down debt and ensure you have enough money for emergencies.

 

Are you ready to take charge of your financial future?

America Saves is here to help. America Saves can help you develop your goals and take action. When you join as a saver, you’ll receive the following benefits:

  • Free subscription to the quarterly American Saver newsletter
  • Free monthly e-mail newsletters with savings advice from national experts
  • Free access to the members-only Savers Tracking Tool to help you reach your goals

Take the Pledge

Savers who make a plan are twice as likely to save successfully. 

Take the America Saves Pledge

Tip of the Day

  • Written by Katie Bryan | December 23, 2013

    Tip to Save During the Holidays: Decide how much you can spend. http://ow.ly/pX9nu via @Bankrate

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