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Friday, February 13, 2009

Keep your Credit Clean while in College

By Samantha Asher

College is expensive. While in college, students are often broke because of low paying jobs and because they try to use whatever they can for tuition. Some students have no job during school and try to live off of what they earned at their job over the summer. It's a tough 4 years.

College is also notorious for flooding students with credit card application. This can do a lot of damage to a college student. Once they start charging, it's hard to stop, especially when they've never learned the true consequences of overcharging a credit card. In the long run, if they are unable to make the payments, they can end up really hurting their credit.

Bad credit can set you back years. Until you are able to mend your bad credit, you'll have a lot of trouble getting loans. It might even be impossible. This can keep you from buying a house or car, or from starting up a small business.

You need good credit in order to prosper in your life post-college. The first way you can prevent bad credit is to avoid credit cards. Credit cards should only be used as a quick way to pay, not as lent money. You should always pay off your entire balance every month, or else you will be paying a lot of money in interest.

Most college students use credit cards to buy things they can't afford otherwise. This will just make the cost of anything bought exponentially higher. Eventually, it may cost so much that you can't afford the payments and interest and your credit history suffers.

The other top way to stay away from bad credit is to always pay all your bills on time. This can also help mend poor credit. This includes everything from your cell phone to school tuition. Pay all utilities, bills, rent, everything on time! Even just one late payment can cause damage to your credit history.

Having all of these bills can either help or hurt you. Pay them on time and you can create credit if you don't have any and bring up possible to excellent. Don't pay them, and you can ruin your chances of ever getting a home or other loan.

Your credit history is important, so don't overlook it. College is an important time in your life. Focus on doing well and don't let having fun ruin your grades or your credit.

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