As a college student, you’re enjoying a lot of freedom. You’re Trying new things, meeting new people, and not worrying about curfews. But it’s also time to lay the groundwork for your life after college, including your future finances. A good place to start is building good credit.
Your credit history and score will affect whether you’ll be able to get approved for a credit card, car loan, or mortgage. This information may also be looked at when you apply for an apartment or even a job.
What if You Don’t Have Credit?
If you’ve never had any kind of loan or credit line, you’re practically invisible to potential lenders. In certain cases, having no credit is almost as bad as having bad credit. Some ways to get started building your credit include:
Another option is to get a co-signer. If a parent or someone else you trust is willing to co-sign for a loan, it may help you get approved for credit you couldn’t obtain on your own today. If anyone agrees to co-sign, they’ll be on the hook to make payments if you drop the ball, so be sure you’re ready to make payments as agreed before asking anyone to do this for you.
Taking Charge of Your Credit
Getting an early start building credit can put you on track for reaching your financial goals. Whether you begin with a credit card or a loan, always make payments on time and don’t borrow more than you can afford to pay back. Don’t give in to the temptation to apply for multiple credit cards once you’ve been approved for one. Too many hard inquiries on your credit report in a short amount of time can bring down your credit score.
It’s also a good idea to keep an eye on your credit report so you’ll know about any fraudulent activity as soon as it happens. Dovly offers credit monitoring and improvement services along with other tools and credit education. With a 92% success rate, we know what it takes to make your credit right and help work toward a brighter financial future, so contact us today.