A Student’s Guide to Building a Credit Score

June 23, 2011 in Daily Bulletin

College News recently created a guide for students looking to build their credit score. You can read the entire guide over here. Some tips include:

  • Having a strong credit rating is important and the only way to build credit is to use credit.
  • Keep your credit balance under 30% of your total credit limit and pay it off on time each month.
  • If you know an adult with a good credit rating ask them to co-sign your loan, or get a supplementary credit card from their bank.
  • Get a credit card as soon as you turn 21. Banks are more likely to give you one because they assume your parents will rescue you if you are unable to repay your debts. After you graduate banks might be less confident about your prospects in case of a financial emergency.
  • Keep a number of different types of loans open.
  • Talk to the credit reporting company and have any mistakes fixed immediately.

There are a lot more tips at College News

Source: College News