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Know Your Credit
Good credit can open doors to buying a home or a car, but credit can also come with some risks if you do not understand the specific terms and conditions or abuse your power to make purchases with credit.
Before you obtain a credit card it is extremely important to weigh the benefits and the risks to make sure it is in your best interest to do so.
| Benefits | Risks |
|---|---|
| Helps in emergencies | High fees |
| Convenient | High interest rates |
| Easy for internet purchases | Short or no grace period |
| Required for car rental | Leads to impulse purchases |
| Safer than carrying cash | Can lead to bad credit if not used properly |
| Possible travel & cash back rewards | Confusing credit terms |
Credit Report Websites
All US residents may receive one credit report from each bureau annually. Contact the three credit bureau reporting agencies below to request your copy.
Equifax
Experian
TransUnion
Additional Credit Resources
- annualcreditreport.com — free
- freecreditreport.com — a subscription site from one of the credit bureaus that will try to sell you reports from the other two
- www.MyFICO.com — see a pie chart of what goes into your credit score
- www.bankrate.com — see what credit cards offer the best rate
AAMC Credit Resources
- Borrowing 101: An Introduction to Credit
- Transitioning to Medical School: Financial Tips
- Your Credit Score
- Identity Theft Protection
- Taking Control of Credit Card Debt
Financial Literacy Resources
- StudentAid.gov
- Direct Loan Consolidation (1-800-557-7392)
- ECSI (1-888-549-3274)
- Federal Student Aid Information (1-800-4-FED-AID)
- NSLDS for Students (1-800-4-FED-AID; studentaid@ed.gov)
- Student Loans Office at Johns Hopkins
- Budgeting - AAMC's First For Medical Education Fact Sheets
- AAMC Education Debt Manager for Matriculating Students
- Budgeting Worksheet for Students
Additional Resources
- AmeriCorps Program
- AAMC
- Central Scholarship Bureau
- StudentAid.gov (FAFSA, FSA ID Request, Federal Direct Loan Information; School Code: E00235)
- Heartland ECSI
- Make an Online Tuition Payment
- Mapping Your Future
- Maryland State Scholarship Administration
- National Student Clearinghouse
- NSLDS for Students (1-800-4-FED-AID)
- Selective Service Registration (18–26 year-old males)
- Social Security Administration
- U.S. Citizenship and Immigration Services