College students, take note! If you are living off-campus paying rent in an apartment, it can be good for your credit score.
Only one credit agency is reporting it, however. Experian started doing it in December 2011. Also, the property manager or management company needs to upload the report. If your apartment is a rather large complex, or one of many managed by the same company, it is probably easier to see that it gets uploaded. Just ask!
If a college student is indeed paying rent, and it gets uploaded to your file, VantageScore will count it and factor it in to your credit score. VantageScore is the one that is used by Experian.
If your name is on the lease or rental agreement, you get the credit. This is actually a way for parents to help their college student get a good credit score. Just make sure the student's name is on the lease. That way, even if you are sending money, or financial aid package covers it, the student still benefits. Nobody knows who is coming up with the cash.
RentReporters.com has a similar service, but it will cost you. You pay a small fee to set it up, as well as a monthly fee. Your landlord will upload your rental data to them, and they will send it out to credit companies. If your landlord or manager does not want to participate, you are refunded the money.
College students especially can benefit from rental credi.
Sunday, January 22, 2012
Monday, January 16, 2012
Credit Card Myths: College Students Beware
Establishing credit and keeping it stellar is the goal of every college graduate. No matter where you are in life, your credit score will affect lots of what you do. From buying a house, to maybe getting a job. Recently they are getting businesses to remove the credit check from new hires. But this may effect a background check if you are trying to get a job where your credit and personal finances matter. There are a lot of myths as far as credit cards and raising your credit score. Beware, especially college students. Don't make mistakes on your credit rating.
You do not need to carry a balance to keep a good credit rating. Agencies look at how much you have used in regard to how much overall credit you have. The higher the ratio, the more it will lower your credit score. Payoff anything you can.
The next myth is an add-on to the above. People seem to think that by just making payments on time, it will raise your score. It's true that NOT paying will lower it, but just making the minimum payment each month does not do much. In fact, it keeps your balance ratio high. (See above.)
When applying for some sort of credit, you might inquire as to what credit score will be used. There are many different rating agencies and scores, and depending on the credit, a different one may be used. Be sure to know what your credit score is on the one that will be used.
If you have old balances that are late, even in arrears, it will not help to pay them off in a lump sump sum. The negative mark is already there and won't be removed until the set amount of time has passed. It is true, however, that you cna make a note on your record that says you paid it off. This may help in a manual review of your credit.
Your income does not have anything to do with your credit rating. This may seem strange, but it is absolutely true. A high income can have just a low of credit score as low income, and the opposite is true as well. Lower income people may have a higher rating. It all depends on YOUR credit record. It is true, that loan and credit officers will look at your income to see if you will be able to pay the credit balance off.
Don't think that a department store credit card will do anything major either. In fact, it may have the opposite effect. Department stores and companies generally give a lower credit limit. People have a tendency to max this out. This will actually lower your score, as the balance is high to the total. Department stores are an easier way of getting credit and establishing it, but to make it work you need to have a low balance in relation to the limit.
>>More tips for college students and credit cards.
>How to be a Teacher and Find a Teaching Job
>Military Scholarships
You do not need to carry a balance to keep a good credit rating. Agencies look at how much you have used in regard to how much overall credit you have. The higher the ratio, the more it will lower your credit score. Payoff anything you can.
The next myth is an add-on to the above. People seem to think that by just making payments on time, it will raise your score. It's true that NOT paying will lower it, but just making the minimum payment each month does not do much. In fact, it keeps your balance ratio high. (See above.)
When applying for some sort of credit, you might inquire as to what credit score will be used. There are many different rating agencies and scores, and depending on the credit, a different one may be used. Be sure to know what your credit score is on the one that will be used.
If you have old balances that are late, even in arrears, it will not help to pay them off in a lump sump sum. The negative mark is already there and won't be removed until the set amount of time has passed. It is true, however, that you cna make a note on your record that says you paid it off. This may help in a manual review of your credit.
Your income does not have anything to do with your credit rating. This may seem strange, but it is absolutely true. A high income can have just a low of credit score as low income, and the opposite is true as well. Lower income people may have a higher rating. It all depends on YOUR credit record. It is true, that loan and credit officers will look at your income to see if you will be able to pay the credit balance off.
Don't think that a department store credit card will do anything major either. In fact, it may have the opposite effect. Department stores and companies generally give a lower credit limit. People have a tendency to max this out. This will actually lower your score, as the balance is high to the total. Department stores are an easier way of getting credit and establishing it, but to make it work you need to have a low balance in relation to the limit.
>>More tips for college students and credit cards.
>How to be a Teacher and Find a Teaching Job
>Military Scholarships
Tuesday, January 3, 2012
What to do if you are short on financial aid
So you've applied to college, been accepted, and gotten a look at your financial aid package. You do the math and realize you are short of paying for everything. What are you going to do?
Well, you can ask the financial aid office for another look, maybe a better offer. Click here for tips on getting more financial aid.
After that, there are a few things the college student can do to make the bottom line look better.
First thing is to be first in line. Apply early. Colleges have a more limited supply of funds to give out and may run out if you delay.
Think about changing schools, if it's not too late. Many colleges are offering out of state students money as an incentive to come to their college. Some large private colleges actually have more money to give out. So even though the cost is higher, it will be cheaper for you in the long run.
Don't overlook the scholarship search. It may take some of your time, but working on finding scholarships in this economy is worth it. And there are many scholarships that go overlooked. You can do a free college scholarship search here, or learn ways of finding scholarships here.
Colleges have what they call merit scholarships to current students who have high GPAs. So, pump up your studying and get good grades.
And the easiest way to make up a shortage of college money. Spend less. This means everything from transportation, to books, and dorms to food. Read 30 ways to cut college costs.
The bottom line, is that your bottom line may look deep, but with a little extra work, you can make up for a college cash crunch.
Well, you can ask the financial aid office for another look, maybe a better offer. Click here for tips on getting more financial aid.
After that, there are a few things the college student can do to make the bottom line look better.
First thing is to be first in line. Apply early. Colleges have a more limited supply of funds to give out and may run out if you delay.
Think about changing schools, if it's not too late. Many colleges are offering out of state students money as an incentive to come to their college. Some large private colleges actually have more money to give out. So even though the cost is higher, it will be cheaper for you in the long run.
Don't overlook the scholarship search. It may take some of your time, but working on finding scholarships in this economy is worth it. And there are many scholarships that go overlooked. You can do a free college scholarship search here, or learn ways of finding scholarships here.
Colleges have what they call merit scholarships to current students who have high GPAs. So, pump up your studying and get good grades.
And the easiest way to make up a shortage of college money. Spend less. This means everything from transportation, to books, and dorms to food. Read 30 ways to cut college costs.
The bottom line, is that your bottom line may look deep, but with a little extra work, you can make up for a college cash crunch.
Wednesday, October 26, 2011
Obama's new student loan proposals
Did you know that Americans owe more in student loans than credit cards?
On October 26, 2011, President Obama is proposing new student loan repayment rules.
Because student loan is a huge drain on people, and college graduates are saddled with mountains of debt, the president is trying to ease the burden.
Remember that all direct student loans were turned over to the federal government.
Here are some highlights of the new student loan repayment proposals:
Starting in 2012, the most you will have to pay for a student loan payment is 10% of your income. This was supposed to take effect in 2014, Obama is moving it up.
Your federal student loans can be bundled together, giving you one payment, maybe lower. This may come with a reduction of 0.5% on your interest, further lowering your payment.
After 20 years of on time student loan payments, the rest will be forgiven. Currently this is at 25.
So, this may be some good news for recent college graduates. The job market is tough, and you still have to repay your student loans.
However, if you are a current college student, taking out numerous student loans is really a bad idea. You are better off working for money, getting grants, and applying for as many scholarships as you can. Student loans, even with the new rules, will still be burdensome.
More information:
>>Student Loan Consolidation.
>>Repaying Student Loans.
On October 26, 2011, President Obama is proposing new student loan repayment rules.
Because student loan is a huge drain on people, and college graduates are saddled with mountains of debt, the president is trying to ease the burden.
Remember that all direct student loans were turned over to the federal government.
Here are some highlights of the new student loan repayment proposals:
Starting in 2012, the most you will have to pay for a student loan payment is 10% of your income. This was supposed to take effect in 2014, Obama is moving it up.
Your federal student loans can be bundled together, giving you one payment, maybe lower. This may come with a reduction of 0.5% on your interest, further lowering your payment.
After 20 years of on time student loan payments, the rest will be forgiven. Currently this is at 25.
So, this may be some good news for recent college graduates. The job market is tough, and you still have to repay your student loans.
However, if you are a current college student, taking out numerous student loans is really a bad idea. You are better off working for money, getting grants, and applying for as many scholarships as you can. Student loans, even with the new rules, will still be burdensome.
More information:
>>Student Loan Consolidation.
>>Repaying Student Loans.
Sunday, October 9, 2011
College Degrees that get jobs
With unemployment still high, many people are looking at all options for jobs. Going back to college can be a great idea, and a ticket to a high paying, in demand career. Here are a few college degrees that are sought after and can lead to a quick, decent paying job.
The medical field is still growing, and growing rapidly. You don't need to be a nurse or doctor to get into this field. A quick two year degree in medical assisting can get you work in a doctors office or related business. Medical assistants perform various clinical tasks, and some clerical. These positions will continue to grow as the medical field expands and gets more technical.
A law degree takes years. But most law offices need legal groundwork. This is done mostly by paralegals. Becoming a paralegal is as short as a two year degree. Any law office utilizes these trained professionals, from public district attorneys, to private law firms. Law research is what they do, and your degree will make you an expert at it. Some firms have internships as well to gain experience.
The computer world is still perhaps the fastest growing segment. You will probably need a bachelor's degree in information technology, or computer science. If you already have a year or two of college under your belt, think about a computer science degree. Anything from information technology to information systems and security is in high demand. It is a tough degree to complete, but has some of the best starting salaries around.
Anything business related is always hot. And a bad economy fuels the need for more. An MBA is not required. A bachelors degree in business will suffice as a starting point. Starting pay and demand is quite high in relation to other degrees. Switching to business after starting college is not hard. Yes, it could even lead you to get an MBA and be well ahead of the pack of job seekers.
If college is an option, no reason to just pick any degree. The degrees above will almost lead to guaranteed jobs. And high paying ones at that!
>>Average teachers salary.
>>Become a teacher.
>>Can you afford to go to college?
The medical field is still growing, and growing rapidly. You don't need to be a nurse or doctor to get into this field. A quick two year degree in medical assisting can get you work in a doctors office or related business. Medical assistants perform various clinical tasks, and some clerical. These positions will continue to grow as the medical field expands and gets more technical.
A law degree takes years. But most law offices need legal groundwork. This is done mostly by paralegals. Becoming a paralegal is as short as a two year degree. Any law office utilizes these trained professionals, from public district attorneys, to private law firms. Law research is what they do, and your degree will make you an expert at it. Some firms have internships as well to gain experience.
The computer world is still perhaps the fastest growing segment. You will probably need a bachelor's degree in information technology, or computer science. If you already have a year or two of college under your belt, think about a computer science degree. Anything from information technology to information systems and security is in high demand. It is a tough degree to complete, but has some of the best starting salaries around.
Anything business related is always hot. And a bad economy fuels the need for more. An MBA is not required. A bachelors degree in business will suffice as a starting point. Starting pay and demand is quite high in relation to other degrees. Switching to business after starting college is not hard. Yes, it could even lead you to get an MBA and be well ahead of the pack of job seekers.
If college is an option, no reason to just pick any degree. The degrees above will almost lead to guaranteed jobs. And high paying ones at that!
>>Average teachers salary.
>>Become a teacher.
>>Can you afford to go to college?
Sunday, August 21, 2011
College students can save money by not buying these things
Let's face it. College is expensive. Most college students squeak by on a meager budget. One thing they realize is that tuition is not the only cost. Other things can add up. Many students don't even realize how expensive other things can be. So here are a few items that college students should try and not buy. Every penny saved is a penny back in your pocket.
Leave the car at home. Better yet. Sell it and pocket the cash. The college fees for parking are probably going to cost $50 a month. Or more. And your car will mostly sit. You still have to pay insurance, and car insurance for college students is not cheap. You will be tempted to take trips on the weekend, further costing you money. No doubt a car will end up costing most college students a couple of hundred dollars a month. If you insist on driving in college, here are some lower car insurance tips.
College students do not need the latest fashions. You're going to spend the majority of your time on campus. Buy some used clothes and forget the name brands. Nobody in college will notice anyway. Every student will have unique way of dressing. If you buy new, buy from the cheaper store and skip the brand names.
Textbooks are a huge expense. So, how about trying NOT to buy them. You can rent them from various places now. Many e-readers have textbook versions for a fraction of the cost. But, the best way is to avoid buying them at all. How? Well, show up to class before you buy books. See if the ones on the list are really necessary. If not, and you can still pass the class, don't buy them. Your college library will have copies of all needed books. Most of these cannot be checked out, so copies remain in the library. Get to the library during off hours, and chances are nobody will be using them. You can also check out used book stores to see if an older version works just as well. These would be very cheap. Meet people in the class who have a textbook, and study with them. Here are more tips on saving on textbooks.
College students do not need a lot of notebooks and paper anymore. Most things that used to be passed out, like a syllabus, are now online. You might even do homework online. Maybe you can take notes with your computer. Wait until the first few classes to start and find out exactly how much paper and notebooks you need. Don't wast money on school supplies.
>>Tips for more financial aid.
Leave the car at home. Better yet. Sell it and pocket the cash. The college fees for parking are probably going to cost $50 a month. Or more. And your car will mostly sit. You still have to pay insurance, and car insurance for college students is not cheap. You will be tempted to take trips on the weekend, further costing you money. No doubt a car will end up costing most college students a couple of hundred dollars a month. If you insist on driving in college, here are some lower car insurance tips.
College students do not need the latest fashions. You're going to spend the majority of your time on campus. Buy some used clothes and forget the name brands. Nobody in college will notice anyway. Every student will have unique way of dressing. If you buy new, buy from the cheaper store and skip the brand names.
Textbooks are a huge expense. So, how about trying NOT to buy them. You can rent them from various places now. Many e-readers have textbook versions for a fraction of the cost. But, the best way is to avoid buying them at all. How? Well, show up to class before you buy books. See if the ones on the list are really necessary. If not, and you can still pass the class, don't buy them. Your college library will have copies of all needed books. Most of these cannot be checked out, so copies remain in the library. Get to the library during off hours, and chances are nobody will be using them. You can also check out used book stores to see if an older version works just as well. These would be very cheap. Meet people in the class who have a textbook, and study with them. Here are more tips on saving on textbooks.
College students do not need a lot of notebooks and paper anymore. Most things that used to be passed out, like a syllabus, are now online. You might even do homework online. Maybe you can take notes with your computer. Wait until the first few classes to start and find out exactly how much paper and notebooks you need. Don't wast money on school supplies.
>>Tips for more financial aid.
Sunday, August 14, 2011
College students can raise their credit scores.
In college, you may not be thinking about your credit score. But this can affect everything from getting a job to buying a house. College students may not have much of a credit record, but many do. And because money is tight, their credit scores may not be great. Here are some tips for not only college students, but others as well to raise your credit score.
The total amount of credit you have can work for you or against you. Your score can be improved if you have a lot of open credit in relation to how much you have used. So, if you have maxed out your credit cards, it can lower your score as you have used all of your credit. The simple way is to get more credit, but don't use it. If you have a $5,000 credit limit reached, you have 100% credit used. If you happen to get another credit card, let's say at $2,500, you now have only used 66% of your credit. If you get even more, your percentage drops, raising your credit score.
Because college students may not be fully into the credit game, this can hurt you. Your history counts. If you graduate college have little history, it will work against you. So, the sooner you get credit and show you know how to manage it, the better. If you get a credit card in your freshman year, you will have four years of credit history when graduating. Length of credit history counts.
But be careful on credit cards. Credit cards are looked upon as bad debt since they are unsecured. This can work against you if you have a bunch. Installment loans can improve your score. These include a personal bank loan, a car loan, or even furniture.
Don't just fill out a bunch of credit applications. Each on may count against you. There are soft and hard inquiries. The hard inquires count against you. Those are new applications you turn in requiring a social security number. Inquiries you make yourself, or businesses you already have credit with do not count. If a business just checks your credit, no loan application, that is probably a soft one as well. Remember, soft inquiries do not show on your report.
Your credit history will make up the bulk of your credit score. Pay on time and you have no problem. The longer you show on time payments, the better. So, don't use a credit card unless you can make the payments.
>>Tips for college students and credit cards.
>>Repaying student loans.
The total amount of credit you have can work for you or against you. Your score can be improved if you have a lot of open credit in relation to how much you have used. So, if you have maxed out your credit cards, it can lower your score as you have used all of your credit. The simple way is to get more credit, but don't use it. If you have a $5,000 credit limit reached, you have 100% credit used. If you happen to get another credit card, let's say at $2,500, you now have only used 66% of your credit. If you get even more, your percentage drops, raising your credit score.
Because college students may not be fully into the credit game, this can hurt you. Your history counts. If you graduate college have little history, it will work against you. So, the sooner you get credit and show you know how to manage it, the better. If you get a credit card in your freshman year, you will have four years of credit history when graduating. Length of credit history counts.
But be careful on credit cards. Credit cards are looked upon as bad debt since they are unsecured. This can work against you if you have a bunch. Installment loans can improve your score. These include a personal bank loan, a car loan, or even furniture.
Don't just fill out a bunch of credit applications. Each on may count against you. There are soft and hard inquiries. The hard inquires count against you. Those are new applications you turn in requiring a social security number. Inquiries you make yourself, or businesses you already have credit with do not count. If a business just checks your credit, no loan application, that is probably a soft one as well. Remember, soft inquiries do not show on your report.
Your credit history will make up the bulk of your credit score. Pay on time and you have no problem. The longer you show on time payments, the better. So, don't use a credit card unless you can make the payments.
>>Tips for college students and credit cards.
>>Repaying student loans.
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