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Graduation season is upon us! As you make this momentous step, it's critical that you build your credit. This is because you may want to get an apartment and they will certainly check your credit to ensure you can pay rent on time. One way to establish your credit is by getting a secure credit card. This means getting your own card and the limit being equal to the money you’re securing the card with. Another way would be joining as an authorized user on your parent or guardian's credit card. This helps only if they use credit responsibly.
As you go throughout your collegiate career, you may accumulate student loans. They begin to affect your credit when payments are due. They can have a good effect or a bad effect. If pay as agreed, on time, every month- that is good. If you don’t- that is bad. With this in mind, be sure to check your credit reports regularly to monitor this effect. A great place to check it for free is annualcreditreport.com. If you miss a payment, contact the lender to discuss the situation. Make arrangements that you can actually comply with. Please do not go without communication.
Many young people think this is unfair, but your credit history can influence your career opportunities and much more. Some will look at your credit history as a form of character. This will hold true to getting a job or moving up within a company. This is why it’s important to avoid certain mistakes with your credit. Don’t sign up for a credit card for a free sweatshirt or shiny object. Don’t get a credit card if you are not properly budgeting your money. Don’t use credit when you run out of money. Learn as much as you can PRIOR to signing up. Check out this blog to get details on what is on your credit report. You check out this blog for details on what make up your credit score.
As you move throughout your life, it’s critical that you prioritize your debts following graduation. Be sure to budget, budget, budget! There are some great free resources here to help you budget and organize your debt. Explore my website for subjects you need help with. If you don’t know how to manage your money, seek resources before you mess up! I also have great book launching for ages 19-26. The book is the 2nd in a 3 part series titled, It'$ My Money...A guided journal to manage your money Vol2. Check out this link for all that will be included on this book.
Write something about yourself. No need to be fancy, just an overview.