Why Credit Matters
Having good credit is more than just a number; it’s a gateway to lots of opportunities. After college, it can help you rent an apartment with ease and buy a car with less hassle and better interest rates. Having a solid credit score will help launch you into adulthood successfully, with less to worry about.
Get a Student Credit Card
Excited about starting to build credit, but not sure how to start? Consider getting a student credit card, like Purdue Federal Credit Union’s Visa® Traditional Credit Card. It’s designed with great features for students, with low, fixed rates and no annual fees. You can also monitor your expenses easily with the mobile app and add your card to your digital wallet for convenient payments.
Use your card for everyday, simple expenses. If you find yourself making a quick coffee run, stopping by the bookstore for supplies or heading out on a late night snack run with friends, use your credit card to help easily build your credit history.
Pay Your Bills on Time
Consistency is key when it comes to building credit. Paying your credit card bills on time every month is crucial. Late payments can linger on your credit report, which can seriously hurt your score. If you need, set reminders or automate payments to ensure you never miss a due date. Being responsible with payments demonstrates good financial habits, too!
Manage Loans Wisely
Many college students have student loans, which isn’t a bad thing. Making regular, on-time payments on your loans can boost your credit score. Successfully managing your loans shows lenders than you can handle credit wisely, so make it a habit to track loan payments and do your best to avoid missing any.
Utilize Credit Resources
There are several online resources that can assist you on your credit-building journey. Purdue Federal offers a few great ones on their website. Check out Banzai, which has numerous articles, calculators and coaching sessions on financial topics. Purdue Federal also sponsors Boiler Financial Track, Purdue’s financial wellness program. These services are free to Purdue™ students and are designed to help you conquer any credit-related challenges you might face. You can set up one-on-one appointments right on campus for personalized advice.
Take the Next Step
Feel ready to start building credit? Use this to help you get started, and you’ll be well on your way to a strong credit score. Just remember, good credit will make your transition to official “adulting” a lot smoother.
Ready to take the first step? Sign up for your student credit card and kick start your journey! If you need any help along the way, be sure to stop into one of our branches (two of which are right on campus) and we’ll be glad to help!
Good luck on your credit-building journey, Boilers®! Purdue Federal is excited to see where it’ll take you.
