How to Build a Solid Credit History in College

How to Build a Solid Credit History in College
  • Opening Intro -

    For a college student, building a good credit may seem impossible. You need credit to establish credit. The only way to establish a good credit history is to pay off your loans in time or to manage your credit cards properly.


But without a solid credit history, it is impossible to secure a loan or credit card. Although this seems like running around in circles, there is still a way to build a solid credit history while you are still in school.

How to build a solid credit history in school.

1. Open an account

Opening a savings and checking account is the first step in the long journey of creating a solid credit history. Opening an account will not only help you manage your money, but also an active bank account will provide your future creditors with an attractive financial history.

2. Secure a loan with a co-singer

Since you are not eligible for a loan right now, obtaining a small loan with a co-signer will help you built your credit history. The co-signer will help you obtain a loan, but your credit score will only grow if you make timely loan payments.

Most banks consider giving out loans to students who have a co-singer with a good credit score less risky.

3. Secure a student credit card

Once you have established a bit of financial and credit history by opening an account and securing a co-signed loan, obtain a student credit card.

Most companies offer student credit cards but at very prohibitive interest rates. Though this may be tempting, it’s better to apply a student card through a credit union or a bank. If necessary, get a co-signer.

If you can’t apply for a standard credit card, then apply for a secured card. Secured credit cards are prepaid and give you only access to the money deposited in the secured account.

4. Get a store card

Getting a store card is a good way of establishing your credit. A good example of a store card is a gas card. These cards are issued out by individual companies or stores. They are easier to secure than major credit cards.

Though these cards will not build your credit history as much as a Visa or a MasterCard, they are an effective way for beginners to establish a solid credit history.

5. Use your Credit

If you secure a credit card so as to build your credit history, then ensure that you use them on a regular basis. The only way to build your credit score is by using your credit and paying it promptly.

Avoid using more than 30% of your credit limit and keep your balance low. This shows that your are responsible enough not to overextend yourself financially.

The road to a solid credit history is tough, but with a good plan, you can begin laying a foundation for a good credit that will help you in the future while still in college.


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Categories: Credit Cards, Featured