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5 Simple Steps College Students Can Follow to Repair Credit

Credit Repair College Students

Discipline is extremely hard to follow when you are in college and you get about 20 credit card offers a week.  As a parent of a college student who doesn't have discipline it angers me that our son is receiving all these offers.  In my opinion it's like a wolf walking into a feed lot of sheep.  The sheep can only run from one corner to the next and eventually they get suckered in.

So, what we decided to do is to HELP our son repair his credit by following these 5 steps to repairing your credit before you graduate.

a. We cosigned with him for a new credit card through our credit union.

b. He is not allowed to have possession of his credit card, instead he has a debit card and can only use it when he has money in there which is not very often.

c. We set up a auto-charge on his card for $10 a month. We also set up a auto pay from our account to pay off the monthly charges.

d.  Each month he sends us the $10 (part time job) every month to pay off his debt.

e. It will take 2 years but his credit report will improve enough that he will be able to secure a personal student loan by the beginning of his senior year in college.

***Repair Credit College Student Secret***

As a college student who is serious about college graduation you will need to show some maturity and some "outside the box thinking" to find a person who is willing to co-sign for you.  If your parents are not willing to help you out find someone else in your family that will help you.

In exchange for their help, you could offer to pay them $20 for the first 3 months so they have a cushion in case you forget to send them your monthly payment.  Repairing your credit as a college student can be as simple as that.  

Be disciplined and you can repair your credit in college.

***Repair Credit College Student Secret***

My nephew graduated from college about a year ago.  He consolidated all his student loans in order to make one student loan payment a month.  Unfortunately he could not find a job in his field of graphic design and found himself falling behind in his payments.

He is still not in his field of study but he has a job.  Unfortunately, he must forfeit half of his wages to cover college loan expenses because he was late on payments and skipped a few.

Our secret is real simple:  if you are borrowing money from the government or private lender, you better be ready to work at McDonald's to help you pay your student loan payments or you'll be in hot water for half of your adult life.

It scares me to death that kids who find student loans don't understand how important it is to establish good credit and how easy it is to dig yourself a hole that can take a long time to get out of.

Credit repair for college students should start with a credit card in a disciplined environment and then after you graduate, get a job to make your payments.  Swallow your pride and make those student loan payments or basically lose half your wages when you finally find a J.O.B.

Hope this helps you and feel free to contact us for any other advise you need.







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