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College Student in Salt Lake CityOver the weekend, you were probably tempted too many times to swipe your credit card for that new pair of shoes even if you are too broke to buy yourself an afternoon snack. And as a college student, racking up debt may be the least of your concerns.

Credit Karma did a study and found out that about 60% of college students do not know the consequences of debt on their credit score history. This is not to say that credit scores should be a source of anxiety – it may sound scary to have to think about money at such a young age but specialists from Econ Mortgage want to assure you otherwise.

On Building an Excellent Credit Record

The scoring begins with your first credit card and from there, your entire credit history will dictate your eligibility for future car loans and mortgages. A credit score is basically a system’s evaluation of your efficiency in dealing with borrowed money through a specific algorithm. With proper self-management, there will be nothing to worry about.

In choosing a credit card, make sure you have done enough research. It is very important to note that as a college student possibly relying on a part time job, a card with a reasonable monthly limit and zero annual fees will be best. Students are often recommended to apply for a secured credit card which comes with a savings account. Once your credit score rises, you can be qualified for a regular credit card.

Chew Only What You Can Bite

The trick to keeping your credit score in check and continuously growing is to never spend money you do not own. It is easy to think that a credit card limit can easily accommodate your purchasing needs that are way beyond your means, but always keep in mind the realistic amount of your monthly spending ability.

Other than over-spending, always pay on time. Late payments will not only lead to lower credit scores but also more accumulated debt. Punctuality is key.

Ink Well Mag

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