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Tuesday, February 24, 2009
College is a tough time financially. College students are notorious for being broke. People often use the phrase to 'live like a college student' when talking about being extremely frugal. The reason why college students are always broke is because college is so expensive, and they usually either have no job or a very low paying part time job. College probably costs more for them to go then the salary they will make right out of college.
What's worse is the potential trouble college can get into. They are so broke they will often do almost anything to get a few extra bucks from selling plasma to getting a credit card or two, or three... Credit cards are dangerous, especially while in college. They can easily lead to overspending which can severely hurt credit.
Bad credit can cause a lot of setbacks for you in the future. If you have bad credit, you will have trouble getting a mortgage if you ever want to buy a house, getting a car loan, or getting a loan for a small business start-up.
In order to maintain good credit while in high school, you first must stay away from credit cards. If you can't afford to buy something without a credit card, you won't be able to pay off the balance and you might not even be able to pay the minimum. Your best bet is to avoid them altogether.
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.
Another way to avoid bad credit is to always pay your bills on time. If you don't think your cell phone bill is important, think again. Not paying it on time or not paying it at all can hurt your credit because it tells creditors you won't pay them. Also pay your school tuition, fees, and room and board on time or rent if you don't live on campus. Pay utilities, other bills and loans, and of course credit cards on time every time to ensure you don't hurt your credit.
If you don't have credit, this is another great way to build it. You don't need to have a credit card to build credit. Pay your bills on time and you're creating and excellent reputation which will help you get approved for loans in the future.
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.
What's worse is the potential trouble college can get into. They are so broke they will often do almost anything to get a few extra bucks from selling plasma to getting a credit card or two, or three... Credit cards are dangerous, especially while in college. They can easily lead to overspending which can severely hurt credit.
Bad credit can cause a lot of setbacks for you in the future. If you have bad credit, you will have trouble getting a mortgage if you ever want to buy a house, getting a car loan, or getting a loan for a small business start-up.
In order to maintain good credit while in high school, you first must stay away from credit cards. If you can't afford to buy something without a credit card, you won't be able to pay off the balance and you might not even be able to pay the minimum. Your best bet is to avoid them altogether.
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.
Another way to avoid bad credit is to always pay your bills on time. If you don't think your cell phone bill is important, think again. Not paying it on time or not paying it at all can hurt your credit because it tells creditors you won't pay them. Also pay your school tuition, fees, and room and board on time or rent if you don't live on campus. Pay utilities, other bills and loans, and of course credit cards on time every time to ensure you don't hurt your credit.
If you don't have credit, this is another great way to build it. You don't need to have a credit card to build credit. Pay your bills on time and you're creating and excellent reputation which will help you get approved for loans in the future.
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.
About the Author:
Have you graduated from college with a pile of student loan debt? Find information about student loan consolidation services and government student loan debt. Don't let your student loan debt overwhelm you.
posted by Credit Counseling at
5:29 PM
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