Leaving College with Great Credit
College graduates often complain about poor or bad credit when they need it to be great. They don’t always understand the damage they are doing while they are in college. Graduating from college with bad credit isn’t something that has to be done. There are different ways that young adults can graduate with the credit they need to start their life in the way they want to.
Most students don’t realize why it’s important to have good credit after they graduate college. They don’t always realize what they need credit for. Good or excellent credit is needed for:
Jobs- Most employers are now requiring credit checks on all their applicants. If certain requirements aren’t met, they aren’t eligible for the job.
Housing- Most landlords want to make sure their tenants can pay their bills. Those with a lot of debt or a history of nonpayment aren’t the people they want to rent to.
Transportation- Everyone dreams of getting out of school and into a really nice car. That may not be easy to do with credit that has been ruined early.
Loans- If graduates need a loan of any kind, a credit check will be done. Those that have bad credit may not get the loan they need at the rates that are desired. It will make their situation more stressful than they want it to be.
Maintaining Good Credit
Students have a busy life in college. There are classes, work, homework, activities and many other things to manage. When students are serious about maintaining their credit, it adds another something to do on their already full plate. Although it seems like a huge responsibility, maintaining good credit while in school is actually easier than most students think it is.
No Co-Signing for Friends and Family- It is hard to tell someone no but in the event of being a co-signer, the answer is no. When people co-sign for anything, if the first person doesn’t pay the bill, the responsibility goes to the co-signer. The co-signer can be held responsible for the bill, be sued and have their wages garnished.
Pay Bills on Time- If there are any bills in the student’s name, they should be paid on time every month. There is no reason to ignore a small bill that can turn into a big blemish on a credit report. If the bill can’t be paid, students should contact their creditor and make arrangements to avoid a negative report on their credit.
Monitor Credit Reports- Identity theft happens in real life and many don’t realize they are victims until they are applying for something they want. Instead of allowing the effects of identity theft to ruin their credit, students should monitor their credit and dispute any false charges or information they see.
Get a Credit Card- Credit cards are often the biggest reason most graduates leave college with poor credit. They often use their credit cards on things they don’t need, max them out and have more credit cards than they can afford. Instead of getting multiple cards, keep one or two and use them only in an emergency. Don’t max out the credit cards and pay the bills on time each month.
With these simple steps, graduates can start their life with good credit and ample opportunities to live the way they want to live.
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