College Students: Do You Have a Bad Credit Score or Do You Even Know Yours?

A U.S. News & World Report 2017 Consumer Bad Credit Guide:

Student Credit CardYou’re in college now.  You’re supposed to be an adult…and everyone is expecting you to act accordingly.

“Open” access to the Bank of Mom and Dad does have its limitations.

Perhaps you are your own ATM machine. In the past, you gave very little thought to the importance of having good credit.

You didn’t have too…you were a kid.

Today, it’s another story.  You’ve seen the FICO Score ads on TV and the internet.

They’re talking to you!

FACT: Ninety percent of top lenders, banks, and financial institutions use a credit score to evaluate borrower credit requests like loans and credit cards.


A FICO credit score represents your personal financial worthiness.

In other words, banks and lending agencies want to know if you are a good credit investment or a bad one? If you have credit cards, do you pay your bills and do you pay them on time?

Unless you’re already independently wealthy, having a good credit score will govern many aspects of your personal and professional financial life.

FACT: Only 12% of college students learn about money management through a college course. (Source: Sallie Mae, p.23)


Benefits of Having a Good FICO Score

Just in case you weren’t aware, the nucleus of the financial world is having good credit.

What does that mean for you?  

For a busy college student, that could be the determining factor between wishing, hoping, and achieving your personal and professional goals.

During your “down” times, ever think about

  • buying a car/home
  • renting an apartment
  • seeking a new job (yes, some employers do check your credit history- your permission is required for them to do so.)
  • applying for an educational loan or
  • securing a small business loan

Once you get that college degree, then I see a FICO credit score assessment in your future. Already established a bad credit track record?

Overwhelmed by using those pesky, high-interest credit cards?

FACT: In a Sallie Mae 2016 study, 85% of college students surveyed use debit cards and 56% have credit cards.

Then add the recently published U.S. News and World Report‘s “bad credit” guide to your active reading list.

Even good credit consumers will benefit significantly from the broad range of topics discussed in this guide.

Information Jackpot

Pay very careful attention to advice about bad credit cards, credit score criteria, and accessing free credit reports.

Always keep in mind that, until you become a millionaire, having a good credit score is your personal financial gatekeeper to lifelong economic freedom and independence.