Answer (from ID Analytics report): 72%

Questions for students:

• Why do you think 18-22 year olds aren’t able to access credit?
  • May not be familiar with CARD Act which requires those under 21 to have a co-signer or independent source of income to apply for a credit card.
  • Lack of experience with credit leads to low credit scores
  • Bad experience with credit may be another reason for low credit score
• When do you think you will apply for credit for the first time? For what purpose?
• What steps can you take to increase the chances that you would be approved for credit?

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Check out this NGPF Activity: How Can I Improve My Credit Score? in which students will conduct online research to discover ways they can improve their credit score.

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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