Financial Education

Spotlight: Credit

Understanding the fundamentals of credit can help you use it to your advantage – giving you access to the best rates and rewards.

Others in this series

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Your Credit Score

How your FICO score is calculated and how to improve it.

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Credit Inquiries

How lenders check your credit history prior to approval.

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Building Credit

Six ways to start building credit history.

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Credit Cards

Learn how to responsibly use credit cards.

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Dive Deeper

Learn More About Our Essentials Curriculum

This curriculum—which can be customized to your family’s unique objectives—empowers the next generation to responsibly steward family wealth. Each month we will spotlight a topic from our Essentials curriculum.

Did you know?

  • Good Credit Is Access

    • Credit influences your ability to access personal loans, business loans, mortgages, car loans, credit cards, insurance, utilities, cell phone accounts and much more.

  • Your Score Is Fluid

    • You have multiple credit scores, not just one, and they are constantly changing as the information on your credit report changes. Credit scoring firms such as FICO and VantageScore use the information from your credit reports to generate credit scores.

  • Credit Reports and Information Security

    • As identity theft continues to rise, it is important to check your credit reports regularly. Equifax, Experian and TransUnion now offer free weekly online reports via

  • Good Credit Saves Money

    • An excellent credit score can lead to lifetime savings of $250,000 on things like lower interest rates, lower insurance premiums and more affordable cell phone plans compared to someone with a lower credit score.

Five Factors that go into your Credit Score

What You Will Learn in a Customized Session

  • The difference between credit scores and credit reports

  • How your credit score is calculated, where to obtain your score and ways to improve your score

  • How to find and understand your credit report

  • Best practices for building credit and responsible use of credit cards

  • How to establish and build credit history

  • Case studies and real-world examples of the importance of credit

Empower Your Family with Financial Education

Successful wealth management requires a fundamental understanding of personal finance, investing and estate planning. Let us design a custom financial education program for your family.

This information is not intended to be and should not be treated as legal, investment, accounting or tax advice and is for informational purposes only. Readers, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, accounting or tax advice from their own counsel.  All information discussed herein is current only as of the date appearing in this material and is subject to change at any time without notice.

The Northern Trust Company | Member FDIC | Equal Housing Lender equal-housing-lender-1-logo-png-transparent