Go Back   The Finance Forums > Finance forums > Credit Ratings



Credit Ratings Issues of credit ratings and credit scoring here.

Reply
 
Thread Tools
  #1  
Old 12-24-2010, 06:09 PM
lizard_king420 lizard_king420 is offline
Junior Member
 
Join Date: Dec 2010
Location: Wisconsin/Brown + United States
Posts: 2
Question I'm a college student how to i improve my credit rating?

I have never taken out a loan (nor do I presently need to do so.)
I also have never had a credit card, and I live with my parents... What can I presently do to improve my credit rating?
Reply With Quote

Old Sponsors
  #2  
Old 01-05-2011, 12:19 AM
NumbersMadeSimple NumbersMadeSimple is offline
Junior Member
 
Join Date: Dec 2010
Location: IL USA
Posts: 5
Default Re: I'm a college student how to i improve my credit rating?

Quote:
Originally Posted by lizard_king420 View Post
I have never taken out a loan (nor do I presently need to do so.)
I also have never had a credit card, and I live with my parents... What can I presently do to improve my credit rating?
Until you have some type of account where a vendor or credit company has extended credit to you, you don't have a credit rating. Your score is based on a number of factors, but the greatest impact comes from making timely payments on your accounts.

Consider getting a credit card with a small credit limit and just use it for a few small purchases and pay off the bill once you receive it.

You could also put the utilities into your name. That is a recurring monthly bill, so those payments would start creating a credit history in your name.
Reply With Quote

  #3  
Old 01-07-2011, 07:24 PM
lizard_king420 lizard_king420 is offline
Junior Member
 
Join Date: Dec 2010
Location: Wisconsin/Brown + United States
Posts: 2
Exclamation Re: I'm a college student how to i improve my credit rating?

but what card should i get? and how do i get one? can my parents be cosigners?
Reply With Quote

  #4  
Old 01-10-2011, 09:47 PM
samwilson samwilson is offline
Junior Member
 
Join Date: Jan 2011
Location: Las Vegas, NV, USA
Posts: 7
Default Re: I'm a college student how to i improve my credit rating?

There are many student credit card offers out there. Discover has many offers.

Also, it doesn't have to be a "traditional" credit card so you can start building credit - it can be a gas or a department store card. Try to get one.
Reply With Quote

  #5  
Old 01-27-2011, 01:26 PM
goodyphilips goodyphilips is offline
Senior Member
 
Join Date: Aug 2010
Location: New York
Posts: 156
Default Re: I'm a college student how to i improve my credit rating?

Quote:
Originally Posted by lizard_king420 View Post
but what card should i get? and how do i get one? can my parents be cosigners?
Why don't you try the credit cards issued by the credit unions in your campus, rates are pretty low and making profit out of you is not their intention.
Reply With Quote

  #6  
Old 02-15-2011, 09:27 PM
Tobby Smith Tobby Smith is offline
Junior Member
 
Join Date: Feb 2011
Posts: 7
Default Re: I'm a college student how to i improve my credit rating?

Get credit card with a small limit. Just keep a small balance and always pay on time. Also make sure you don't get into financial trouble with anything else. Like not paying rent or other bills that can hurt credit.
Reply With Quote

  #7  
Old 11-24-2011, 09:06 AM
charlieh charlieh is offline
Junior Member
 
Join Date: Nov 2011
Posts: 7
Default Re: I'm a college student how to i improve my credit rating?

If you do take out student loans make sure never to pay them late. When you do get a low limit credit card make sure to pay on time and always pay the balance in full. Also, try not to apply for several cards such as store cards and otherwise or you can actually end up hurting your credit.
Reply With Quote

  #8  
Old 11-28-2011, 10:35 AM
littleroc littleroc is offline
Senior Member
 
Join Date: Mar 2011
Location: Minnesota
Posts: 334
Default Re: I'm a college student how to i improve my credit rating?

Why would you need to take out a loan ever, except a mortgage?
Reply With Quote

  #9  
Old 12-22-2011, 01:43 AM
markodonnell77 markodonnell77 is offline
Junior Member
 
Join Date: Dec 2011
Posts: 12
Default Re: I'm a college student how to i improve my credit rating?

Through saving a decent amount of money on your bank account and paying your financial responsibilities on time will help you boost your credit profile.
Reply With Quote

  #10  
Old 02-11-2012, 03:27 AM
financejoe financejoe is offline
Junior Member
 
Join Date: Feb 2012
Posts: 3
Default Re: I'm a college student how to i improve my credit rating?

Lolz, I faced a similar problem as a teenager. I think CapOne cards are pretty easy to get and they will offer you a low limit card without too many issues, then your credit ratings would start.

DON’T ADD SPAM TO THE FORUMS!
Reply With Quote

  #11  
Old 02-13-2012, 06:02 PM
Dragoncrester Dragoncrester is offline
Junior Member
 
Join Date: Jan 2012
Location: Florida/Orange
Posts: 5
Default Re: I'm a college student how to i improve my credit rating?

I am a college student and hold five credit cards one including American Express. My first credit card was Best Buy Reward Zone credit card you will always have high rates until you have enough history after 5years for your oldest open account. I have had some Discover card applications come through the mail but been my oldest account being open only 3yrs ago they say no. Thats the only reason, now since i bought myself a newer infiniti i have lots of inquires so now i have to wait till i can either increase my credit limits or apply for more credit, highest limit card is No preset limit American Express and $2500 limit on my Sams Club.
Reply With Quote

Old Sponsors
  #12  
Old 02-14-2012, 10:54 PM
clearskycredit clearskycredit is offline
Junior Member
 
Join Date: Aug 2010
Location: florida
Posts: 13
Default Re: I'm a college student how to i improve my credit rating?

Work your butt off and make a bunch of money...Always put yourself in a position where you control your own destiny....Don't ever make a late payment....that is the best advice you can get.
Reply With Quote

  #13  
Old 02-19-2012, 01:59 AM
IngeniousBastard IngeniousBastard is offline
Junior Member
 
Join Date: Feb 2012
Location: Portland, OR
Posts: 3
Default Re: I'm a college student how to i improve my credit rating?

Quote:
Originally Posted by lizard_king420 View Post
I have never taken out a loan (nor do I presently need to do so.)
I also have never had a credit card, and I live with my parents... What can I presently do to improve my credit rating?
If you're looking to obtain a card for the purposes of getting your credit off the ground, I think you'd be making a wise decision as a good credit score is a necessary part of the society we live in.

There are plenty of sites on the interwebs that have multiple offers from multiple credit card providers. Try to find one with no annual fees. Interest rate shouldn't be too much of a factor if you're not planning to use it too much anyway. Also, you're going to see high interest rates based on the fact you have no credit. Avoiding fees is important because you want to keep this card for as long as you can. Length of time an account is open is used in factoring your credit score so you always want to keep accounts with positive impact on your credit report open.

Only put small amounts onto the card that you know you can pay off every month to avoid being overwhelmed by interest. Remember, you don't NEED to use this (per your original comment), but you do WANT to use it to get your credit rolling. No more, no less. This should get you started.

If you google "credit cards" you'll find sites with tons of offers on them.

Best of luck!
Reply With Quote

  #14  
Old 08-09-2012, 06:22 AM
johnbritto johnbritto is offline
Junior Member
 
Join Date: Aug 2012
Location: us
Posts: 3
Default Re: I'm a college student how to i improve my credit rating?

hi,
you can improve your credit card rate by on time payment. this 'll improve 35% of credit. and avoid using much cards
Reply With Quote

Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



» Boards




All times are GMT -4. The time now is 06:34 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.