Keeping Your Credit Score Under Control
Once you’ve got that student credit card for the first time, you probably also have the associated credit card bills. Paying those student credit card bills on time is one of the keys to ensuring a lifetime of good credit, but there are other ways to keep your new credit score under control.
Why is a Credit Score So Important?
You’re young, why is it so important to have good credit anyway? What about the student loans you have to apply for each semester? Want to rent a great apartment when you graduate? Want to buy a house some day? What about a car? Do you want one of those too? All of these things take a good credit score, and if you mess up now, you’re looking at a minimum of ten years with a problem credit score.
How Do I Keep A Good Credit Score?
There are lots of ways to ensure you have a strong credit score.
- Never pay your bills late, ever. Pay the bill as soon as it comes in, and make at least the minimum monthly payment. The second you’re late with a student credit card payment, it’s entered into your credit report. Since nearly 40% of your actual credit score is based on your payment record, paying just a single bill late can lastingly cause you some damage. You’re looking at a loss of at least one hundred points just because you made a late payment.
- Keep your total balance low. You want the balance on each student credit card you carry to be only 35% of the limit on that card. The higher the balance is, the higher your total debt to income ratio is. That means a lower overall score for you. If that means you choose not to consolidate all of your credit cards into one, so be it. Just keep that magic 35% figure in mind.
- Don’t close out those old credit card accounts. Even if you have eight student credit card accounts open, closing them out can negatively affect your overall credit rating. Lenders look at the accounts you have, and if you’re closing them, that signals a problem to most lenders.
- Along with the idea of not closing out accounts, though, is not opening accounts that you don’t need. The more accounts you have open, the more financial trouble you can get into. Lenders look at the potential damage you could cause, and based on that potential debt total, decide whether or not to make a loan to you. Just because your favorite online store has a card offer on the table doesn’t mean you need to take it.
- Check your credit report at least twice a year. Experts estimate that nearly forty percent of people have a mistake on their credit report. It can take months to fix a mistake, so check your report regularly.
Keeping your credit score under control while you’re still a student is a fantastic idea that will go on to help you build a lifetime of good credit ratings.
EXTRAS: FREE MORTGAGE CALCULATORS - CLICK HERE
Student Credit Cards Promotion
“I have saved hundreds of dollars on interest alone. Also I didn’t have to file for bankruptcy, so that was a plus without a doubt. Thank you, LetsGetCredit for being there when I needed help.”
– S.C. Dallas, TX
“I was dangerously overburdened with credit card debt. Though legally I could have declared bankruptcy, I felt it would be more proper to find a way to pay off these debts. Through your organization, I was able to pay off my debts and manage my income more effectively.”
– S.K.G. Glenview, IL
“LetsGetCredit.com has given me hope. I can see the light almost at the end of the tunnel. It has also given me the insight as to how to stay out of debt in the future.”
– A.W.S. Winston-Salem, NC
More Testimonials >>>
Earn Your Degree NOW! - Earn your Degree Now and Enhance Your Career. Flexible Online and Campus Programs Available. Request Info Today. It only takes A Minute. Earn your DEGREE on your own terms...
GET CASH INSTANTLY - - Apply For a Fast Pay Day Loan Up to $1500! Get the Cash you need by TOMORROW! Apply Now!
FREE Credit Report - What does your credit score say about you? Get your credit score instantly! The average U.S. credit score: 675. How do you compare?
Apply for Unsecured Credit Now - Apply now for unsecured imagine gold mastercard credit card. Three financial offers in one application, credit cards and cash.
Additional Offers >>>
Cancelling Your Credit Cards - Canceling credit cards is not always a wise option. You may think it will improve your overall credit report score; however...
0% APR Saves You Money- If you have a credit card, which most of us do, then you’re probably paying your fair share of interest on your debt.
Your Credit Score - Just how important is your credit score, you may ask? Well, it is very, very important. Your credit score is the main thing that will