This page uses JavaScript. Your browser either does not support JavaScript or you have it turned off. To see this page properly please use a JavaScript enabled browser.

SLFCU has received reports that individuals purporting to be SLFCU employees or "collectors” are calling members and claiming money is owed to the Credit Union. Learn more.

View Alert
Sandia Laboratory Federal Credit Union Sandia Laboratory Federal Credit Union Go to main content
Routing #307083911|
Online Banking
Business Credit Card
Manage a Home Loan
Manage a Student or Consolidation Loan
Return to a Saved Application
Return to a Saved Mortgage Application
What Do Teens Need to Know About Credit?5/19/2017

Good credit is the key to a solid financial foundation. A good credit score can make it easier to finance the big expenses in life. It can help you secure a loan for school and a car, often at a better rate than someone with a low score would receive. A potential employer or landlord may also consider your credit history before hiring you or renting you an apartment.


A credit score is a number ranging from 300 to 850 that represents an individual’s creditworthiness and is used to determine their ability to pay back debt. Generally, a score of 650 or higher indicates a good credit history.

A credit score is calculated using these factors:

  • Payment history
  • Amounts owed
  • Length of credit history
  • New credit
  • Having different types of credit, such as credit cards and loans

Learn more about these factors.


A credit report is a detailed breakdown of money owed, such as an auto loan and credit card debt; payment history including late payments; employment history; and who has accessed your credit report – that could include financial institutions, utilities, a potential employer or landlord, and collections agencies. Your credit report does not include your credit score.

Learn more about getting a copy of your credit report.


Get your name on a loan – like an auto loan with a co-signer or as an authorized user on your parents’ credit card – and make your payments on time. Usually, six months’ worth of payment history is enough to generate a credit score.

Learn more about SLFCU loans that can help you build credit.

Additional tips:

  • Pay all bills on time – not just loan and credit card payments, but also monthly bills like your cell phone service.
  • Keep your credit card balances low – try not to use more than 25-30% of your available credit.
  • Don’t apply for credit too often. Credit check activity can have a negative impact on your score.
  • Pay all bills and fines. A parking ticket or library fine can impact your credit if they are reported to a credit agency.
  • Check your free credit report at least once a year to make sure there are no mistakes. Visit

« Return to "View All Articles"
Share: Share on Facebook: What Do Teens Need to Know About Credit? Share on Twitter: What Do Teens Need to Know About Credit?