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A Credit Survival Guide for Students

Understanding credit is vital to your future. Credit reports, credit score, interest rates and the meaning of it all can be confusing but it is important to educate yourself on the subject while you are young.

Starting out at eighteen with an unblemished credit profile is the ideal time to understand what credit is and why it matters. Your credit report and score will decide what you pay to borrow money in almost every situation. Getting something on your credit report is easy, getting it off....well, that’s a little tougher. Keeping an eye on it now and in the future hopefully you can avoid the expensive lessons that so many of us have had to learn the hard way. Building up credit while maintaining low debt can be a bit tricky. There are tips and suggestions for you to start taking steps toward a strong credit report and score without costing you too much. Buying a small piece of inexpensive jewelry on credit and paying faithfully every month is a good start. It is important to pay EVERY month on time. Revolving credit history is vitally important to companies reviewing your credit report. They have to decide if you are a good credit risk and also decide how much interest to charge you. In the case of a mortgage, even the tiniest fluctuation in interest can save you thousands and thousands of dollars over the life of the loan. Take the time to learn as much as possible on this topic, and you will be glad you did.

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