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Student Credit Report
Introduction to student credit
Keeping track of your credit and credit score is tough enough as it is, considering going to college and being a student and keeping track of your credit score is even harder. Many students don’t keep good track of their credit. It is important to have a good grasp of where you stand on your credit report.
It can be very tough to stay on top of it when everywhere you turn your being offered a credit card. Often students have to learn the cold hard truth about credit the hard way. Bad credit and a bad credit report can tarnish your financial reputation long after you graduate. Many take on debt they cannot handle. Many students that are applying to college either through an online university or on a more traditional campus find out too late that their credit scores affect their ability to take classes or attend the school that they want.
What leads to bad credit?
There are many factors that lead to a bad student credit score. As a student there are many expenses that come with college i.e. books, supplies, computer etc. Sometimes you face a reduced income and still have all the same expenses. A leading cause of bad credit in general is that many students take on multiple accounts or more debt than they can truly manage. If you feel you are in way over your head you are not the only one. There are many basic steps you can take but here are a few.
- First and foremost you must know what a credit report is.
- Where do you stand in your report (your score.)
- Steps to improve your credit.
So what is a credit score really?
Don’t know what a credit report or a credit score is? Relax, your in the same boat as many. Lots of students have credit cards and do not know what a credit report or even a credit score means. A credit report is an overview of how you repay bank loans, pay your bills, credit you have available and other things like what you monthly debts are.
Wonder where you stand? It is good to check your credit report at least once a year. In by checking this you may find your score to be high. The higher the score the better. If you apply Credit reporting agencies also known as CRA’s gather your credit information from businesses, lenders, landlords etc. to make sure they are making a good decision. So be sure and check your score annually. Don’t check too much because it can count against your score.
Is there any hope to improve my credit?
How can you improve your credit you ask. You may find the solutions to be simple but also tough to actually follow. One of the best ways to manage your money is to map out your spending for a month and stick to it and you will stay on top of spending this way. As stated earlier many college students take on multiple accounts and essentially “drown” in debt. If you manage only one credit account and PAY ON TIME your credit score will improve dramatically. Also if you spend only the money you have you will stay away from debt. It is very tempting to spend next weeks money today.
Staying on top of your spending and keeping your credit score at a respectable level isn’t easy.
In order to stay ahead you must make some tough “adult” decisions. So next time you file for a credit report it will be no surprise were you stand and getting a loan won’t be a problem.
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Request a copy of your credit reports. There are 3 major credit reporting bureaus, Experian, Equifax, and TransUnion. |
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Check your report carefully. Check for errors to to be corrected. |
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Contact the credit reporting agency with a registered letter and by calling them. They'll ask you to show proof of the error. |
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