Monday, 25 May 2020

How To Build Credit as a College Student

How To Build Credit as a College Student
14 Aug
5:34

Hi, it's LaTisha from YoungFinancescom

Today, we're talking about how you can build credit and specifically, how a college student can build credit When you turn 18, you're eligible to begin building your credit score You want to make sure that your credit history is clear and clean and that you take advantage of the fact that you have the time in order to build a longer length of credit history There are a couple of different factors that go into calculating your credit score One of them is the amount of time that you've had credit available to you

So if you get started building your credit at the age of 18, then you can make sure that this factor factors in pretty well to building a high credit score Borrowing money and repaying that money back is the best way to build a clean credit score So how do you beat the system and prevent yourself from getting into tons of credit card debt? Well, it's actually pretty simple You've set up your budget as if you didn't have a credit card So, make sure that you have all of your expenses laid out and your income laid out so that at the end of each month, you know exactly how much money you have left over

Then, from one of those budget items, for example a utility bill or a cell phone bill, you're going to put that one monthly item on your credit card bill Each month, you are going to charge that item So if your cell phone bill is $50 a month, you're going to charge your cell phone bill each month And then you're going to take that cash that you had previously set aside in your budget to pay off that credit card This is the way to beat the system to use credit so that you can build your credit score, but to not get bogged down with credit card debt

There are a couple of different options when you are looking to build credit You can get a Visa, Mastercard, Discover Card, American Express, you can look into getting a store card, you can buy a car and take out a loan on the car The one way that I recommend doing it is to get a blanket card, like a Visa, Mastercard, Discover Card or American Express, something that you can use everywhere I don't recommend getting a store card because unless shopping is part of your budget, but I think that's, you know, something that you could cut out of your budget if you had to cut You can save money by not

shopping? ::crying:: So, I would say to use a card that you can use almost everywhere and that you can use for online bill pay Once you have that card, you're going to use that technique that we just talked about to help you beat the system and you're going to start building your credit So are you ready to start building your credit? Head over to YoungFinances

com I've got a suggestion for the best credit card for young adults that are ready to start building credit and I've also got great tips on what is a good credit sc ore, how to build your credit score, how to maintain good credit, and even how to fix your credit if you've made some mistakes in the past While you're there, make sure you subscribe so you get all of those goodies plus all the extras that I offer in my newsletter If you like this video, please be sure to like it, rate, comment, subscribe I love hearing your feedback and it really helps me to make the next videos even better

In the meantime, thank you so much for watching Bye After you turn 18, you are eligible to begin building your credit score You might not be able to open a credit card on your own, but at the age of 18, you are eligible to begin building your credit score, which I just said, so ya'll weren't listening to me the first time I said it, or what? Okay Let's keep it moving

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