My Money Five


The borrowing principle of the MyMoney Five focuses on developing the habit of borrowing smartly.  Knowing when to borrow, how much to borrow, and if your are borrowing at the right rates and terms is important.  Borrowing can be a useful tool in order to obtain a major purchase such as a house, a car, or a college education. 

Credit Scores & History

Your credit score is composed of 5 factors.

  1. Payment History @ 35%
  2. Credit Utilization @ 30%
  3. Length of credit history @ 15%
  4. Credit Mix @10%
  5. New Credit @ 10%

Each of these components determine your credit worthiness which will affect the interest rates and terms you are offered.  Credit scores will range from 300 to 850. 

Student Loans

Students loans are a huge factor in attending college.  In a recent study, the total outstanding student loan debt for the U.S. was $1.2 trillion.  Understanding how to borrow smartly and what your repayment options are is important.  Information regarding the different loan repayment options can be found at