Credit Score News, Tips & Advice
Website CertifiedPrivacy Protected

Credit score guides for students

By Sally Maison
Published: Tuesday, July 20th, 2010

More and more students are getting worried about their debts and credit score. The number of students leaving the school with outstanding debts and ruined credit score is increasing and this is due to the uncontrolled rise in tuition fee and large credit card debts that pushes students to go for larger loans.

Despite all the pressures related to school life like financial difficulties, the good news is that students can now possibly leave their school maintaining a good credit score that they can carry with them for a lifetime. Boost your credit score while in school rather than turning it into a disaster with the following tips.

The best secret to boosting your finances and score is having a careful budgeting. Aside from buying just the necessities, you should only take out the smallest loan amount that you can. When you do this step together, for sure you will leave the university not having to worry about credit and scores. Since students are given a limited loan amount, one can easily manage his budget because you know exactly how much you will make for the month and how much your expenses are like tuition, transportation, dorms and other school miscellaneous.

If you need some help to help you get through college, your school’s financial aid office could be your first option. Only few students make a visit to this office while still in school and this is definitely a mistake. For students, this is the office that can give the best information to help your credit score in good shape. One-on-one financial counseling, budgeting tips and scholarship information are just some of the things you can get from the school’s financial aid office.

The good thing about college or student loans is that it could help you go to college until you graduate but the drawback is that it could be a great burden for you after you graduate.

While it is true that you need not repay your loan until after graduation, your financial responsibilities do not stop when you graduate. A car and a house are two things anyone would want to own after college and acquiring it calls for a good credit score or standing but with the large amount of loan that you have left behind in school that need repayment may affect your score due to an overextended credit.

Make loan your last resort and not the first one when you are in need of some cash for school. Now, if you don’t have any other options then just apply for a loan that allows you to enjoy the best rate and terms. Using your credit card to pay for school is not too advisable since it will ask you for an immediate repay at a high rate.

It sure is a very fulfilling feeling being able to receive your diploma that you worked hard for but it could even be more fulfilling if you graduate while you are able to maintain an impressive credit score.

No Comments »

No comments yet.

RSS feed for comments on this post.

Leave a comment