Advice on building a solid credit history for students.
Tips on Building a Solid Credit History for Students
- Have your own checking and saving accounts in your name. Make sure not to overdraw on your funds.
- Limit the number of credit card accounts you open.
- Close all accounts you do not need.
- Pay bills before their due date and pay extra
- Limit the number of inquires into your credit history. Creditors view a large number of inquires as negative. This also applies to credit checks for cell phones.
- Check your credit report at least yearly for inaccuracies.
If you run into problems making payments on time do not be afraid to ask for help. You would be surprised how many parents will help with your bills in order to avoid you developing a bad credit history. Of course, you will have to explain how you got yourself into the situation.
Helpful Links for Students & Parents
Federal Trade Commission (FTC) – Building a Better Credit Report
University of Southern California(USC) – Credit History and SSN
Walden U. – How to Build Your Credit History
How to Establish Credit as a Student
Ohio Attorney General Richard Cordray – Credit Card Tips for Students
