4 Ways to Start Building Credit in College
January 11, 2019
1. Get a Credit Card and Use it Wisely
One of the easiest ways to build credit is using a credit card. This is because its approval process is simple and fast, and you don’t even need to offer collateral in most cases. However, in case you are unable to get a card, then you can offer to deposit security money to facilitate the process.
If you are repaying a student loan, then you can build credit by ensuring that every single EMI is paid on time. This is because timely payments of credit card bills and EMIs play a huge role in credit score calculation.
3. Get a Secured Personal Loan
Since you don’t usually have credit as a student, it’s not easy to get a personal loan. However, you can still get a personal loan by securing it against gold, stocks, etc. Opening a loan account can go a long way in building credit.
When was the last time you checked your credit report? It’s highly recommended that you credit your report every few months to ensure that it has no discrepancies or errors. If you do find mistakes, then you can contact your bank immediately as removing these mistakes can improve your credit score considerably.