You don’t have to go to the drugstore (to get smart about credit)

True story time.

Last week I got an email from a friend and former Wells Fargo colleague, who’d had an interesting experience at her local drugstore:

I had my Wells Fargo jacket on in Walgreens Click here to learn about third-party website links today and this kid asked me, out of the blue, “How do I get credit, if I don’t have any?” I was kind of taken aback for a moment — do I look like a lady who knows about credit? And then he said, “Well, don’t you work at Wells Fargo?”

So we started this strange conversation about how he was going to school and needed to get a loan, and couldn’t build up his credit because he didn’t have any, and because he didn’t have any history they wouldn’t give him any credit. I didn’t know what to say. I kind of wanted to run out of the store. But I told him I would check into it for him.

Gotta give this kid props for walking up to a total stranger and asking for credit advice!

And at the same time, I’m thinking, this poor kid — he clearly hasn’t received any credit education at home or at school, so he has to ask a total stranger!

What makes this story particularly timely is that today is Get Smart About Credit DayClick here to learn about third-party website links Every October, the American Bankers Association hosts this initiative to educate consumers and students about credit. Given the current economic environment — where credit is harder to come by — these efforts are more important than ever.

Fortunately, if you want to get smart about credit, you don’t have to go to the drugstore. Stay put and check out some of these resources Wells Fargo offers:

And don’t forget: By law, you’re entitled to one free credit report every yearClick here to learn about third-party website links

So, what credit questions can we answer for you?

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2 Responses to You don’t have to go to the drugstore (to get smart about credit)

  1. Anonymous says:

    If a credit card account has been closed (by the Lender) and I enroll in a payment plan to pay it off, will this go against me when applying for housing in the future?

  2. wallstreeter says:

    i hope you actually took the time to follow up with the young man. it’s very important that young people are educated about credit so that they don’t make the types of mistakes that can damage their credit for a really long time.
    what you should have told him is that loans for school should be addressed with the school’s financial aid department. a financial aid officer can discuss work study, government loans, loans through the school, and loans through institutions like sallie mae. usually, loans through a school are a better option for someone who hasn’t built up their credit.

    also, you should have asked him if he had a bank account and a debit card. once he gets those, he’ll be approached to open up a credit card and start building credit.

The Student LoanDown

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