About TU

Credit

Pros & Cons

When deciding whether or not to get a credit card - the question is -

  • What am I going to use it for?

Credit means borrowing money now and paying for it later.  Below is a comparison of pros and cons:

Advantages
Disadvantages
Helps pay for unexpected expenses
May be used frivolously
Safer than carrying cash
Temptation to spend more than you have
Buy now, pay later
Pay more for item than original price
No overdraft fees
Pay an interest rate
Build credit history
Misuse results in poor credit score

Opt Out of Getting Offers top

Under the Fair Credit Reporting Act (FCRA), the Consumer Credit Reporting Companies are permitted to include your name on lists used by creditors or insurers to make firm offers of credit or insurance that are not initiated by you ("Firm Offers"). The FCRA also provides you the right to "Opt-Out", which prevents Consumer Credit Reporting Companies from providing your credit file information for Firm Offers. To sign up and "opt out" go to:  optoutprescreen.com.

Credit Score - top

How you use your credit will be recorded in a credit history (report) with a score. Your credit score gives a creditor an idea of how risky it is to extend credit to you and how likely it is that you will pay your debt obligation.  From your credit score, creditors are also able to determine how much interest to charge you. 

What's in a Score
How Your Score is Used
  • Payment history

  • Types/sources of credit

  • Inquires on your report

  • Bankruptcies, judgments, tax liens
  • Leasing

  • Financing

  • Employment

  • Insurance

Credit Score versus Report top

Credit Report
Credit Score
Your credit report is your financial report card. Your credit score is based on infomation in your credit report.
Consumers are entitled to one free credit report a year.You may obtain this through www.annualcreditreport.com. In order to obtain your credit score, you may go to www.myfico.com and pay a small fee.
Learn more using the Interactive Credit Report at Adventures in Education website. Learn how to improve your score at Adventures in Education website.
  Credit score product comparison

Financial Services
Administration Building, Fourth Floor (map) (How to use the map link)
Hours: Monday - Friday, 9:30 a.m. - 3:30 p.m.

Phone: 410-704-5269
Fax: 410-704-4910
E-mail: mfortier@towson.edu


Did you know
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• Students spend over $5 billion on clothing and shoes each year.

• Many students take more than four years to graduate college because of financial problems.

• A daily coffee and muffin cost you over $1,300 a year.

• If you save $5 each day when you are a freshman you will have $7,300 when you graduate.

• Your credit score affects your ability to get a job after you graduate.

• About 20% of identity theft happens to someone under the age of 30 by someone they know.

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Map

Emergencies
410-704-4444

University Police
410-704-2134

Closings & News
410-704-NEWS (6397)

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