College can be a nerve-wracking time for even the best of us. We leave home, fly the nest, and we have to stand on our own two feet for the first time. It can be a pretty daunting prospect having to fend for ourselves, especially as we now have to look after our own money too! Most of us don’t know the first thing about money or budgeting, nevermind what to do with it.
But, in spite of the fact that it takes a whole to get a handle on your finances, you also have to account for the fact that you have a credit score to deal with. And this is something so many people just know nothing about. A credit score is basically a grade that tells companies how reliable you are to loan money too, and it’s pretty important. So here is how you can take control of your credit score when you’re in college.
What is your credit score like?
You can actually find out what your credit score is like, assuming you have one, by going online. It shouldn’t be too hard to understand and work out precisely what the score is, and how this is likely to affect your future. Scores range from 300 to 850, and it’s the higher, the better in this case – anything close to 300 you need to be avoiding like the plague. 600 to around the 750 mark is generally the average credit score for most people.
How often should you check it?
It’s easy to get into the habit of obsessing over these things, and you might find yourself wanting to check your credit score every day. This could become an unhealthy obsession, and it’s one that is unlikely to change anything. Make sure you are more measured about it. You still need to be checking your credit score reasonably often but don’t obsess over it. It’s important to know and understand what your score and rating is as much as possible.
Fixing your score
There are so many things that can be done to try to fix your credit score, and you need to use some of the tricks of the trade where possible. Always make payments on time, and gradually things will start to improve for you. There are other things you can do as well that will gradually help you to improve your score, and over time you can build things back up. That’s why you don’t need to worry too much if your credit score is a little low – it can be fixed!
Choose a card that’s right for you
One of the best things you can do to help build up your credit score is to make sure you choose the card that’s right for you. This is an excellent way of improving and looking after your credit rating when you’re in college. Choosing a card that is perfect and ideal for your circumstances is absolutely essential to helping you through college.
Building and maintaining a good credit rating is absolutely essential for later in life. But it’s also something you might not think about at this point. Make sure you keep this in the back of your mind and follow our guide to help you through it. The process is not going to be easy, but it will certainly be worth it in the end.