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How Do Student Loans Affect Your Credit Score?

Student loans will affect your credit in the same way as other loans will affect you — If you pay as agreed and it’s good for your credit; pay late, and it could hurt it. Student loans, though, may give you extra time to pay before you are reported late. Student loans are generally installment loans — you pay a specified amount for a certain time period. The lender reports this to credit bureaus, and you begin to establish a track record. You have a right to see the information the credit bureaus keep. You can check all three major bureaus’ reports annually for free. If you pay on time, every time, you’ll begin to establish a solid record of managing credit.  Check your...

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Think Before You File For Bankruptcy

No one intends to go bankrupt. But if it happens to you, there are ways to handle the money issues smartly. It’s like pushing a financial reset button. And for filers, that fresh start comes with its own set of gifts and liabilities. If you’re considering bankruptcy, or just want to know more about it, here are some key factors to consider: 1. There are two main types of personal bankruptcy. Chapter 7 allows the filer to walk away from debts entirely. This option is used by those whose debts are so high or income so low that after basic expenses they don’t have the money for a payment plan. Chapter 13 allows the filer to draft a plan to repay...

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Building Credit For Our Students

One of the most exciting parts about growing up is becoming financially independent, but learning how to do so can be challenging. Building good credit is a must: It will help you qualify for loans, auto insurance, rental applications, cell phone plans and can even impact job prospects.  No worries, I have complied some tips for you to get started with.   10 Guaranteed Ways For Students in College To BOOST Credit 👉🏽Become an authorized user on a parent’s account.👉🏽Open up your own credit card.👉🏽Get the right credit card for you.👉🏽Use the credit card for occasional, small purchases.👉🏽Avoid big-ticket buys, except in cases of emergency.👉🏽Pay off your balance each month.👉🏽Pay all of your other bills on time.👉🏽Don’t co-sign for your friends.👉🏽Do not apply...

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