The Most Important Credit Move Before College?
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What is the most important thing to do before you go to college?
\\nI had a friend going into their second term at Kettering University\\xa0and they needed to apply for a student loan. \\xa0The loan that they were applying for consider credit scores. \\xa0Many times young adults who are in their first year of college have not built up a sufficient credit history for a good credit score. \\xa0College loans are based on the credit history of the student not the parents.
\\nThe most important thing\\xa0students should\\xa0do before they\\xa0go to college is to build a great credit history. \\xa0With one or two credit cards they can start off on the right foot hopefully they have one or two bank credit cards. \\xa0Store credit card are better than nothing just\\xa0make sure to maintain three \\xa0to seven percent balance on\\xa0the credit cards on the reporting date the month prior to you applying for a loan.
\\nIf the student loan company is going to pull your credit report in January you want to make sure that at the end of December you have three to seven percent balances reporting in order to boost your credit score as high as it can be when you apply for that student loan. Zero is not as good as 3 to 7 percent really 5 to 9% is what I have been saying in the past. \\xa03 to 7 is a more cautious, especially if you only have a few credit cards in their small balance\'s you really want to be at the lower end. That\'s why I\'m saying now three to seven percent rather than five to nine.
\\nThe other thing to consider is if your parents have a credit card that they\'ve had for a long\\xa0time and never had a late payment, you may want to ask them to add you as a joint card holder or an authorized user. I would prefer that you go to a joint card holder status. \\xa0You don\'t have to ask for a card from your parents or grandparents. You can just be listed on that account then wait\\xa0about three months before you apply for the loan. \\xa0The reporting may be just one month but it may take longer so three months should be safe.
\\nThree months before you apply for the loan, if you can get recorded on a parent or grandparent\'s credit card that has;
\\nlong credit history
\\nlow balance
\\nnever late
\\nThen when\\xa0you apply for these new student loans you will get the best possible rate. Student loans can be fixed rate loans. If Students\\xa0have not built up a good credit history they\'re going to be penalized because they\\xa0\\xa0don\'t have that great credit history established. If you want more information go to my free six steps to a better score at GetLoanReady.com is all free to follow the six steps in your credit\\xa0score as high as possible will be better every month moving forward.
\\nFor ideas to get your student loans forgiven click here\\xa0
\\nIf you want to see more videos about credit and credit scoring check these out\\xa0at www.thecreditguy.tv.\\xa0If\\xa0 you are a mortgage lender please share this on your Facebook or LinkedIn page. \\xa0 If you have any questions, leave them down below I\'d be happy to answer them.
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\\n- 7 secrets of a perfect credit score \\n
