Building Solid Credit as a College Student
If you are a college student or recent graduate, this is a great time to start building a solid credit history. Establishing and maintaining good credit will impact your future ability to get a low rate auto loan, own a home, and even get the job you want. FORUM offers various products that can help you start building your credit now.
If you have a student loan to pay off, you can build your credit by always paying your bill on time. If your payment is too high or feels unmanageable, try negotiating with your loan company to get a reduced payment plan. Although you would pay the loan off at a slower rate, this is a much better option than deferment. You may also consider consolidating your loans into one, which could also help lower your monthly payments. If you’re in need of a student loan, take a look at the FORUM Credit Union* Smart Option Student Loan
® by Sallie Mae. It offers a competitive fixed interest rate with multiple in-school repayment options.
Utilizing a credit card correctly can help you build good credit as well. When you choose a card, keep a few things in mind. Shop for a no-fee card that offers rewards, and take a look at the interest rate. Sometimes companies offer teaser rates that change after just a few months. Once you have the card, adhere to a few simple rules. Pay your bills in full and on time, avoid getting too close to your credit limit, use the card sparingly, and don’t open too many cards. FORUM offers a rewards MasterCard® Credit Card
designed to fit the needs of students and young professionals who are new to credit. There is no annual fee and you’ll receive unlimited 1% cash back rewards on every purchase.
If you are thinking about purchasing a vehicle, FORUM also offers a Graduate Auto Loan Program that can help those with limited or no credit history. For details on this program, click here
If you’re looking for an option that better fits your unique needs to build credit, we can help with that too. Ask a FORUM Representative for assistance.
*We are compensated for the referral of Smart Option Student Loan customers.