5 credit tips for recent college grads
News from MyFox Philadelphia:

By Andrew Housser

As last spring’s college graduates settle into first jobs, chances are that many also are learning to use their first credit cards. Getting your first credit card can feel like an adult rite of passage. On the plus side, having — and using — a credit line can put you on the road to building a good credit history. This, in turn, will make it easier in the future for you to qualify for a car loan, a mortgage, or a loan to start your own business.

Of course, if you misuse this credit — such as by making payments late (or not at all), or maxing out cards — the reverse can happen. Mistakes can stay on your credit report for up to seven years and lower your credit score. This score, which represents your credit risk, is based on several factors: your past payment history, total outstanding debt, length of credit history, and the types of loans and credit you have. As you gain experience using a credit card, set a goal to keep your score in the over-700 range. With that score, it is more likely that you will receive preferred rates on car loans and mortgages, as well as have better status when employers or landlords take a look at your credit.

Here’s a look at five ways to maintain a healthy credit score.

1. Be careful when applying for credit.

It’s tempting to sig…………… continues on MyFox Philadelphia

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Building A Good Credit Score After College
News from TheStreet.com:

Aside from a tough job market, new college graduates also face a challenging credit landscape this year. Credit tightened in the recession, and a recent survey shows bank executives don’t think creditors are ready to relax their grip yet. The survey, conducted on behalf of FICO by the Professional Risk Managers’ International Association, asked bank risk professionals for their predictions in consumer credit trends. Most expected credit limits for new credit cards to be lower than in the past and predicted a similar or lower acceptance rate for credit card applications.

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So if you’re a new graduate, how do you build a credit history if you can’t get credit in the first place? It’s a little like trying to find your first job when every employer will only interview applicants who have experience.

Here are some tips to get started:

Be prudent.

“Don’t be a kid in the credit candy store,” advises the National Foundation for Credit Counseling. Each time you apply for credit, an inquiry is made on your credit reports, and too many inquiries can lower your credit score. If you apply for…………… continues on TheStreet.com

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Tips for college students on credit card use
News from USA TODAY:

College students juggle plenty: part-time jobs, research projects, dating, keeping up with the family at home.

  • Damian Dovarganes, AP

So I’d like to go out on a limb and say most college students are more focused on their GPAs than on their credit scores. And it’s way too easy to make some really dumb moves on campus that can ding your credit score. Lower scores mean higher costs when taking on adult-size purchases, such as car loans and mortgages, down the road.

Since 2010, credit card companies can no longer offer T-shirts, coupons for free pizza, coffee mugs or other gifts on campus to college students who agree to fill out a credit card application. They can still market cards on campus — just no freebies.


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Job No. 1 after college: Establish credit history
News from Chicago Tribune:

When you graduate from college, there may be a lot you want to set up, from a new apartment and car to your own cellphone plan. But to do all of that, you need to establish something else first: your credit history.

Your credit record reflects how well you’ve paid bills and whether you’ll be financially responsible in the future. Landlords, lenders and utilities all look at credit before opening new accounts. And if you don’t have a solid record, few of these entities will be eager to do business with you.

Here are ideas on how to establish a credit history.

Open a card

The fastest way to build a credit record is to open a student credit card when you’re still in school.

Student cards don’t require a lengthy credit history. But while it was once possible to get a card (and a free T-shirt) simply by filling out an application on campus, the rules are slightly tougher today. Since the Credit Card Accountability, Responsibility and Disclosure (CARD) Act took full effect in 2010, applicants under 21 must show proof of income or apply with a co-signer, such as a parent.

If you’re an older student those requirements go away, making a student card “one of the easiest ways to establish credit if you’re in your final year of school or an older, nontraditional student,” said Curtis Arnold, founder o…………… continues on Chicago Tribune

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First credit card? Five key tips for college students.
News from Christian Science Monitor:

If getting a credit card is a rite of passage for college students, choosing the right plastic and learning how to use it responsibly is a matter of life and debt. Young people age 18 to 24, carry an average credit card debt of $ 2,002, according to CreditKarma.com. Before you end up as a debt statistic, learn to pick the right card and manage your credit before getting your hands on plastic. Here are five things every new credit cardholder should know:

Getting a first credit card (like the Central Michigan University student in this file photo) is a rite of passage for many college students. Be sure to be selective when you apply for one. (Ben Garvin/The Christian Science Monitor)

Think of your credit score as a…………… continues on Christian Science Monitor

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Parents’ Check List for Sending Their Kid Off to College
News from Fox Business:

As move-in day quickly approaches for many incoming college freshmen, parents may be frantically going over a list of every item their kids might possibly need.

Making sure a student has all the supplies necessary to survive while away at school is important, but parents also need to think about how they can best help their child adjust to college life and all that comes with it.

“Twenty-five percent of college students drop out in their freshman year because they are not academically, emotionally or financially prepared for college life and adulthood,” says Jeff Livingston, senior vice president of college and career readiness at McGraw-Hill Education. “Whether students like [to admit] it or not, college takes planning and preparation.”

College is full of new experiences and responsibilities that can be overwhelming to new students. Experts and veteran parents of college kids offered the…………… continues on Fox Business
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10 Ways You Can Improve Your Credit Score Right Now
News from Lifehacker:

If you don’t understand your credit score and how it’s calculated then you’re in the dark regarding one of the most important aspects of your financial life. Here’s a look at how credit scores work, how they’re calculated, and ten steps you can take to start improving your score today.

Not convinced your credit score can have a serious impact? Look at the chart below, which shows your expected interest rate on a 30-year fixed rate mortgage, depending on your current credit score:


So with a credit score of 620, your interest rate could be as much as 1.6 percent points higher than if you had a score of 760. Now, you might think it doesn’t matter because, really, there’s not much difference between 3.9% and 5.5 %.

Wrong. For big purchases, like houses and cars, such a seemingly small difference can result in almost unimaginable extra costs over the life of the loan. Let’s take the 30-year fixed rate mortgage loan above as an example, on a home-loan of $ 2…………… continues on Lifehacker
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College Students At Higher Risk For Identity Theft
News from KFOX El Paso:
College students are at higher risk for identity theft, one identity theft attorney reports.When I was in college, I didn’t think about checking my credit score, because I’m not buying a house, I’m not taking out any loans other than my college loans.,” said Justin Underwood, an attorney who specializes in identity theft at the El Paso law firm Wyatt and Underwood.”College students for the most part are the number group of people who get solicited for credit care applications,” said Underwood. “What do credit card applications ask you for? All your personal information.”Underwood said college students typically look at something and just throw it away, versus shredding it. But if identity theft happens to you, Underwood said it’s extremely hard to undo.”Once it happens to you trying to convince the credit bureaus that it’s not you is a monumental task,” Underwood said. “It could take years.”college students typically look at something…………… continues on KFOX El Paso
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Understanding your credit score
News from Pacific Daily News:
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Discipline tips for a college student’s first credit card
News from WMC-TV:

Credit cards and college students are kind of like a shot of Scotch and a beer chaser at the frat party. Typically not a good combination.

But co-eds have to launch their credit sometime.

Justine Rivero, credit adviser for Credit Karma offered these tips for college students testing the credit card market:

* Educate Yourself on Credit Card Terms and your Credit Score. “Learn what the terms mean so the mention of annual percentage rate (APR), annual fees, grace period or minimum payments don’t overwhelm you,” Rivero said. “Know what a credit limit is and the penalties for charging more than that limit.

“Also, familiarize yourself on some of the lesser known fees like late payments, cash advances or foreign transaction charges.”

* Don’t Rush Into Applying for a Credit Card or Apply for Too Many Cards at Once. “While you may be tempted to apply for the first credit card offer y…………… continues on WMC-TV
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How to Recover from Bankruptcy
News from U.S. News & World Report:

If you have recently filed for bankruptcy, perhaps you can find some comfort in the fact that you are not alone. According to the American Bankruptcy Institute, the total number of bankruptcy filings in the United States increased 8 percent in 2010, to a total of 1.6 million, and the numbers for 2011 are expected to rise even higher.

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But just because bankruptcy is increasingly common doesn’t make it any less stressful. People who file for bankruptcy often feeling ashamed, overwhelmed, and hopeless. Here are eight tips on how to recover:

Address what caused the bankruptcy. Perhaps you need to set a new budget or look for new types of employment, so you don’t find yourself in the same financial straits five years from now.

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Should College Students Have a Credit Card?
News from Fox Business:

Parents have enough to worry about when sending their kids off to college: Will they go to class? Will they eat healthy? Will they party too much? But within the last decade a new worry has emerged: Will they rack up too much credit card debt?

Student loan debt recently surpassed total credit card debt in the U.S. and according to Consumer Reports, the 2011 graduating class of college seniors had the highest average debt to date. In the face of rising tuition rates, more college students are turning to credit cards to cover expenses.

But college kids need to be smart about their credit histories and the debt they are able to take on (and pay off). Erik Larson, president and founder of consumer information resource NextAdvisor.com, equates a student’s credit score with their GPA.

“If you have really poor grades your freshman year, it’s going to be a real uphill battle to have a good GPA by your senior year…………… continues on Fox Business
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