Skyla Credit Union Blog

What's up, future scholars! Let’s face it—student loans can feel like that one complicated game where no one bothers to read the instructions. But don’t sweat it—we’ve got your back. Whether you’re starting to apply for college, filling out financial aid forms, or just wondering if student loans are the right move for you, we’re here to break it down in a way that actually makes sense—no boring lecture vibes, we promise! Getting the basics down now can save you a ton of headaches later.

Credit. It's a scary topic. Mainly because so many things can surprisingly ruin your credit scores, such as late or missed payments, applying for more credit cards, carrying high credit card balances, ignoring your credit report, and more.

Credit card debt just sucks - plain as that!

If you're searching for a credit card offering a 0% APR*, there are some things you need to know before you sign up and get one. I know it's tempting to see credit cards offering zero interest for up to 6- to 21 months from account opening, but that doesn't mean you can start spending like a Kardashian instead of someone with a modest bank account...

It’s understandable to be concerned about your credit score being affected when opening a new credit account. In your research, you probably want to weigh your options to not only compare which account will get you the lowest interest rate for loans (for highest return on savings), but also if opening the account will affect your credit score.

So you’re ready to establish or build your credit score and are looking for ways to do it? In your credit building research, you’ve probably come across the recommendation to open a credit card. On one hand, credit cards can help you build credit, earn rewards and access exclusive benefits, and provide you with extra cash flow when you don’t have the money at your disposal. On the other hand, a credit card could hurt your credit score, your credit history, and your wallet if you used too much of your limit, carry a balance and rack up interest charges, or miss a payment. Since this financial tool comes across as a blessing if used properly and a curse if misused, you may want to avoid credit cards altogether.

Some people don't realize a problem with their credit score until it's time to apply for a loan. Then, the most recommended way to increase your score is to take out more loans to prove to lenders you’re responsible. But what if you just can't afford to get another loan - then what?

Ok, let's just rip the band-aid off and get straight to it - How many credit cards is too many? There's no exact number of credit cards to have, and it varies for every credit cardholder. It’s certainly good to have one, but it wouldn’t be bad if you had two (or six!) credit cards sitting in your wallet today. What really matters is how you use it. It's a frustrating answer, right? But don’t worry – I can explain…. The cool thing about credit cards is the benefits, and there are so many to choose from! There are store credit cards, cards specifically for air travel, and more credit cards offering cool rewards and perks like cash back or discounted rates at your favorite restaurant. Having options of which credit card to use before making a purchase can feel like you’re 100% covered where you have the flexibility you need for the unexpected. Especially if you're not carrying large amounts of cash. "But how many credit cards is too many?!" As an undergrad, this was my question when I received multiple credit card offers in the mail. It was sooo tempting to apply because the offer meant more credit power at my disposal if approved. But I also had other questions that came with that: What would multiple credit cards mean for my credit score? Would it hurt or help my score and history? Is there a penalty for having too many credit cards? Could I wind up incurring more debt? What should I do with my current credit cards? These are all excellent questions to ask when you’re thinking about applying for another credit card and if you already have two or more. Understand there is a risk of having multiple credit cards and there are benefits but it depends on a few factors.

Having a financial cushion in place to cover expensive purchases and sudden emergencies is what a credit card is great for. But having a credit card or multiple credit cards with a hefty balance or a super-duper high-interest rate on top can be too much to bear.