The Background of Student Credit

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The Background of College student Credit

This article will explain the reasons why you should begin constructing your credit as a college student. Whether you are taking night time classes or are likely to school full-time, this article pertains to you. It is very frequently stressed that any kind of young person who really wants to get ahead should show up at college. What is not stressed and is essential as well is to establish credit.

To provide a little background upon credit, you and everyone else in the United States who has a Ssn and is over the age of eighteen will have a credit statement. You may have never experienced credit in your life but you will still have a credit report. This credit report will frequently show as blank with no credit but the credit report is still kept.

Credit is not something to become afraid of but it is just a reflection of your financial history. There are many factors which go into your credit report and the following sentences will show you what these are. Your own credit report will show virtually any open credit cards you have along with loans you’ll have taken out. For each open credit account such as a credit card or a loan, there will be a history of this account. It will tell what your account restrict is along with exactly what your current balance will be.

It will list your own monthly payment as well as your transaction history. With transaction history, this is an indicator if you pay your bills on time. If you do not pay on time, this is a negative and results in your credit score to go down. This goes inside as either typically thirty, sixty, or even ninety days late. For those who have not paid your bills and had a company file for collections, this can present on your credit report as well.

There are other factors however these are the main ones. The credit report implies that you are paying your debts on time and that you manage your accounts correctly. If you ever apply for a credit card or perhaps want to buy a car and require to take out a loan, any loan officer will pull your credit. He or she desires to make sure that if he or she lends you the money that you will spend the money for money back to them.

With your credit report, there is a score associated with this as well as the number depends upon what credit bureau you are conversing with. There are three diverse credit bureau agencies that are Equifax, TransUnion, and Experiean. Along with each of those 3 credit bureaus, your particular score will fall within a range and this will determine what interest rate you will pay when borrowing money.

The harder you pay your bills on time and manage your credit accounts responsibly, the bigger your credit score will be. This will allow you to get the cheapest interest rates. If you don’t control your credit responsibly, you will have a lower credit score along with a higher interest rate. It’s easy when you think about it: the low the credit score, the riskier you are as well as the bank or loan organization needs a higher rate of interest to offset that risk.

See how it is important for your student credit when thinking about what you want concerning your future. Managing the credit will save you hundreds of thousands associated with dollars in the long run as you will receive lower interest levels. This article has given a credentials on credit and showed you why it is important to start this process young rather than old.

Comments: 22

  1. Willard March 27, 2013 at 6:23 pm Reply

    I want to go into the Army Reserve and would like to serve my country and also get my enlistment bonuses that come along with signing up. I have read from several sources in order to receive these bonuses you must have a GED + 15 College Credits.

    Are there any good accredited online colleges available that would fit the bill for me?

    I dropped out of high school to help my family out
    *Time were tough*

  2. Adolfo May 27, 2013 at 10:07 am Reply

    I’m a senior mechanical engineering student. I have 23 more credit hours before graduation (fall 2013 and spring 2014 semesters).
    How close to graduation should I be before I begin apply for jobs?
    I know it’s early but just want to have an idea of when I should begin applying.

  3. Dario June 4, 2013 at 11:50 am Reply

    I am graduating from college in March. I have a clear background, no involvement with marijuana or anything. However I am naturalized citizen and still have a foreign contact (my father). I have about $20,000 student loans and $3000 credit card balance. But I was never late for any payments.

  4. Gregg June 25, 2013 at 11:18 pm Reply

    By non-degree, I mean classes that are taken without being officially accepted into the program. You still need to pay, and you can transfer the credits later if you are accepted. You probably already knew that if you know the answer to this question. The websites I am looking at don’t seem to give any indication of how far ahead I should apply.

  5. Nickolas July 5, 2013 at 11:13 am Reply

    I would like to know what is the cost and what is the procedure to foreign students. How long does the visa. How I do to recognize my certificated of high-school that I did in Rio de Janeiro- Brazil.
    Please explane me everything.
    And talk about the cost of the course of medicine and physical education(just the cost).

  6. Lance August 1, 2013 at 9:01 pm Reply

    I’ve been late on two student loan payments that I’m in the process of trying to defer. Not only that I closed a credit card unknowingly that that is considered a “bad thing” on your credit report. Should I be up front and honest about this before they do the background check? I mean the reason why I’m trying to find better employment is so that I can make more money thus being more able to afford to pay my bills without breaking even each month! Suggestions please 🙂

  7. Brenton September 30, 2013 at 11:14 pm Reply

    I am currently 15 and will be starting my Sophomore year of high school this year. I have met a lot of exchange students this year and it got me really interested in becoming one. I am hoping to be able to become an exchange student my Junior year. Does anyone have any advice for me? Such as programs, scholarships/grants, pricing and fees, which country to choose, etc.? I am thinking about Australia, Ireland, and Spain, but open to other ideas. Thanks for all your help! (:

  8. Evie November 25, 2013 at 8:04 pm Reply

    I need to know what to study for a placement test as well as the teas 5. Also what can I learn now to make it easier down the road bc I need to be a full time student with a part time job. What will my classes be like? Thank you.

  9. Kai December 10, 2013 at 11:11 am Reply

    I am a sonography student and would like to know if there will be a credit check involved when applying for a sonography position in the heath-care field?

    Much appreciated.

  10. Dominick December 23, 2013 at 6:28 am Reply

    Would Insurance companies require insurance license for all staff for earning commission and everything? I know students can work anywhere but what about insurance company?

  11. Garrett December 23, 2013 at 6:42 am Reply

    i am an incoming college student in cebu, and im skeptical about taking Biology as my pre-med course for medicine. is Biology a good choice?

  12. Miguel December 29, 2013 at 8:09 pm Reply

    For a while I have been interested in pursuing a degree within the med field, but after doing a bit of research I have become a bit skeptical of weather to do so, due to how draining it can be. I really would like to pursue a degree within the Med field mostly because I would like to touch and help lives. My mom suggested going into a shorter career path and eventually determining if I would like to continue my studies further in the Medical Field. I will be transferring some credits into a suny, where I will be starting my first semester and I eventually look into going to a much more renown University that would look well on my resume and educational background. I don’t know how possible that would be, based on the fact I wasn’t the greatest student in High school and didn’t do that well on my SAT’s. Since graduating I have become more of a overachiever and hard worker in my studies. I would love to have the opportunity to go to Ivy’s or even an amazing Med oriented school within the States. But what are the steps I would have to take? Insight! Insight!
    Thanks

  13. Demetrius February 21, 2014 at 5:16 pm Reply

    Background -I am a full time student and my main source of income comes from student loans and financial aid (pell grant). However in the summer and winter breaks I work full time, so my income is not that great.

    Do I need to put anything on my 1040 for my student loans and financial aid?

  14. Becki February 21, 2014 at 7:09 pm Reply

    I just had my first interview with NYL and have to go back in a week for my second interview and I received a packet with information about the company and in the packet there is a background check page and I don’t have a criminal background but I do have some credit problems from the past and I am still paying off student loans. Could this kill my chances on being hired at New York Life?

  15. Bruno February 21, 2014 at 10:29 pm Reply

    I’m going to be going to uni in a few months and staying in res. Unfortunately this uni just happens to be ridiculously expensive, can someone take out a student line of credit of the maximum amount for the four years. Are there too many conditions for someone from a higher income family? I don’t want my parents to pay for my uni so that’s why I’m wondering if I can apply without my parents finical background being a factor? I’m confused. Help? :

  16. Gwyneth February 22, 2014 at 5:31 am Reply

    Some background: I am 20 years old, full-time student, work part-time (32 hrs weekly), and pay taxes.

    If my gross pay is $780.50, I take home $609.94 (170.56 in Taxes).

    My question is this – When I file my taxes do I HAVE to file them with my father. From what he tells me, yes I do. I just think it’s somewhat unfair that I pay so much money in taxes and do not receive anything in return.

    Does anyone have an answer? I will try to contact IRS on Monday.

    I do not file for any exceptions. Year-to-date I have paid $1628.14 in taxes.
    I do not make $609.94 a month; i make that per week. As far as my expenses I pay for everything excluding food (what’s in the fridge) and shelter. I am responsible for my school tuition, car payment, insurance, clothing, etc.

    You have not answered my question however. I’m really asking if I HAVE to file my taxes with my father. Is it not possible to file them by myself and receive what I have put into the system?

  17. Vaughn February 25, 2014 at 3:37 am Reply

    My husband is going through another background investigation (ever certain amount of years he does it for his clearance) anyway there was something on his credit report from citigroup I believe, but the person doing the check did not have the actual information on the credit report he said my husband would need to sign a release for them to see what it was. Why would an additional release need to be signed? He already signed one release to have the background done in the first place? Also we have no idea what it could be. My student loans are through citibank. But I am not even out of school yet. So I am not required to pay back those loans yet. Does that kind of thing go on your credit report before you have to start paying it back?

  18. Eldora March 13, 2014 at 10:55 pm Reply

    I heard that in order to get a mortgage, you need to have a credit card (not for buying, but for the credit). Is it true?
    but that’s what i mean, is it possible to have good credit without owning a credit card?

  19. Micah March 13, 2014 at 10:56 pm Reply

    So, I’m going to apply for a credit card because I need to establish credit before I can buy a new car. Well, (obviously I know not to buy a car on a credit card and I know to use it wisely and to pay it off every month etc.) I have a Kay Jeweler’s credit card already but I’ve only bought one thing and I have been paying on it each month since Oct. 2010. Would I still be considered as having no credit or average credit?

    I want to apply for an Old Navy credit card because you save 10% when you shop there and I do a lot of shopping there so it would benefit me to get that but I don’t want to hurt my credit score by getting declined. I saw the prepaid credit cards but I really am interested in an Old Navy card.

    I am 19 years old, but I am very smart with my finances and I am very determined to keep great credit. (I have no one that could co-sign for me for anything so that’s why I need to establish my own credit)

  20. Laquita March 13, 2014 at 10:56 pm Reply

    I’m a freshmen in college. I have no debt and I have no credit. I’ve never had a public job but my educational background is well. I may been enrollment in coed this semester. My plan is to finish getting my bachelors and move on to grad school. I’d like to buil my credit the quickest way possible. The only bank account i have is a student checking account. I’m double majoring finance and accounting I’m not sure if that helps. I was also wondering what a real score to aim for in 6-7 years. I know they’re are grace periods that you can use. I’m not sure if I can tie those into the loan. I was wanting to invest in a house when I get out of college. College debt is not an issue I have that covered.

  21. Lauren April 30, 2014 at 10:10 am Reply

    The landlord of an apartment I’m applying to checked my background and could not find a credit score. How do I obtain one? I’m a college student so I haven’t been employed, and I have no credit card is that the reason why I have no credit score?

  22. Felica June 20, 2014 at 11:32 am Reply

    I am applying for a teller job at Wells Fargo. I am worried about the background check not because of education, criminal record, or credit record but because of my past jobs. Two of the four of the jobs I held were under the counter and as a struggling college student I did not pay taxes on them. There are also a few extra jobs that will be on there that I did not include on my resume because they were side jobs to make some extra money. Do you think is grounds for them not hiring me?

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