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College Students and Credit Score


Why is your credit score important to you in college? Many college students are living the carefree life or only focusing on their school and friends and they are not thinking about the future or how their credit scores can affect them. Even though this is a time in your life when you should have fun and enjoy yourself, it’s also the time when you need to be concerned with your credit score.

Your credit is something that will follow you for the rest of your life. It’s going to affect your ability to get loans, buy a home and other important things that you will face as an adult. Too many young people do not think about their credit scores until it is too late and they build a bad score for themselves. Then they might spend years trying to sort it back out. If you start your adult life with good credit, it’ll be much easier for you to accomplish your goals in life. Someone with a bad credit history will struggle to have the necessities such as a vehicle and home.

Your credit affects a big portion of your life. A good credit history will usually get you lower interest rates on a loan while a bad one will put you in the higher interest rate category, if you even qualify for a loan. Here are a few things that you will want to consider when it comes to your credit score as a college student.

Any Bills You Have affect Your Score

Any bills or financial obligations that you take on as a college student will affect your credit score. Student loans, car loans, furniture, personal loans and also bills for utilities will go on your score. If you pay late, it will affect your score. Taking on too many lines of credit can also negatively affect your score- such as loads of store credit cards. A credit card is good for building positive credit but be sure not to open too many, apply for lots of different cards or pay your bill late.

Check Your Credit Regularly

You should also check your credit rating regularly. Not only is it very helpful to you to know where you stand but it will also allow you the opportunity to notice any mistakes. What if someone steals your identity and puts something on your credit that is not yours? You’re going to want to identify this as quickly as possible so you can do something about it. Sometimes errors happen and you want to get them removed from your credit as quickly as possible.

Use Your Credit

Finally, a good tip to keep in mind is to actually use your credit. You cannot keep your credit score up unless you are actually using credit. Some students think that buying everything in cash or keeping nothing in their own name will prevent a negative credit score but the problem is that it also prevents a positive score. No credit at all will hurt you when you do need to get a line of credit, such as for a new car.

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