Take the Parent Guide with You!
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Building Good Credit
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Most students go to college looking forward to becoming independent and managing their lives on their own. Managing their personal finances is part of that independence. Starting with your student early, and starting strong, will help ensure that their college experience does not end in debt and poor spending habits. For college graduates, good credit is an invaluable asset – and with careful money management, an achievable goal. If your student graduates without any credit history, they may have trouble qualifying for a car loan or mortgage.
Most students go to college looking forward to becoming independent and managing their lives on their own. Managing their personal finances is part of that independence. Starting with your student early, and starting strong, will help ensure that their college experience does not end in debt and poor spending habits.
For college graduates, good credit is an invaluable asset – and with careful money management, an achievable goal. If your student graduates without any credit history, they may have trouble qualifying for a car loan or mortgage.
Potential lenders will look at how your student has managed credit when determining whether to lend money. Teaching your student spending self-discipline is a key component to success.
Other credit management tips for college students:
- Students should resist the temptation to apply for a lot of credit cards just to get the free giveaways and big offers. Having too much credit available with credit cards can hurt your student’s credit score.
- Have your student check their credit report annually for errors. They can get a credit report from one of the major credit-reporting agencies — TransUnion, Equifax or Experian.
- Work with your student on a budget so that they can track their cash flow and spending habits; being aware of where the money is coming from and where it is going will go a long way towards helping your student effectively manage their money.
