Cash is king with young people, but it is not helping them build a credit histor...
NEW YORK - Cash is king with young people, but it is not helping them build a credit history or boost their credit scores.
By contrast, college students and those who never finished a degree used credit cards much less frequently and had lower credit scores. Among students, just 20 percent boasted excellent credit while the non-completers had just 8 percent, according to the survey. Although debit cards can have credit card functions, they do not get reported to the credit bureaus and, therefore, have no impact on your credit score, said Amy Thomann, head of consumer credit education at TransUnion, one of the three main credit reporting bureaus.Many of the young people in Sallie Mae’s survey did not have a credit card because they thought they would not qualify, but most probably would.
“It might not have great terms, so keep your expectations low, but if you have income, chances are you’ll be able to find a card,” Schulz said.Most credit cards also come with cash back or travel rewards, which you can pick depending on your preference.
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