College Credit Problems
College Credit Problems Can Be Solved
One of the biggest credit problems young people have is they have no credit history. Unfortunately, this puts them in a position similar to those with bad credit. When they go to college, they have living expenses, and academic and extracurricular expenses.
Sometimes these are urgent, and must be paid immediately. Such college credit problems can be taken care of if the student has parents with good credit. The parents can co-sign for credit and expenses, or, better yet, co-sign for a credit card in the student's name. This enables the student to build a good credit history.
A Good Credit History Is Invaluable
Once the student has established a good payment record, the credit bureaus can then report this when potential creditors inquire. The rewards of good credit are many. The consequences of college credit problems can last for years. Good advice from college financial counselors, or from parents, can get a student back on track if problems develop.
Perhaps most important, good credit helps immeasurably to get started in life. Future employers can see the student is conscientious and responsible. Landlords will see a reliable tenant. By avoiding college credit problems, a young person starts off on the right foot, and, hopefully, develops good financial habits that last a lifetime.
