College Students Credit Debt Factors

Credit Report Scores - Computing Then

Your credit report scores are based on factors that appear in your credit reports. Credit report scores are computed based on a model developed by Fair Isaac Corporation and are typically know as FICO scores. They help lenders determine the risk of extending credit to prospective or existing borrowers.

The following general factors are considered:

• Bill payment history -- 35% of your FICO score (Good: on time and for the full amount)
• Debt relative to your credit limit -- 30% of your FICO score (Good: few installment loans, Bad: many debts, maxed out credit cards)
• Length of credit history -- 15% of your FICO score (Best, entire credit history of 7 years shows no negative reports)
• Types of credit -- 10% of your FICO score (Good: mortgage, car loans, Bad: high interest credit card debt)
• New credit -- 10% of your FICO score (Bad: many rejected applications, new accounts, or credit inquiries)

All these factors are considered in computing your credit score.

Your credit report contains personal information, credit payment history, credit inquiries made when applying for credit, collections, as well as public record information from courts such as backruptcies, foreclosures, wage attachments, liens and judgments.

Student Credit Cards

Here are some of the best student credit cards. Apply for one or several:

College Students Need to Establish Credit Worthiness

College students should establish credit worthiness by paying off their debts, not spending like tomorrow never comes. Use credit cards wisely.

Just imagine typical young college students, some with part time jobs, grasping their first credit card. They are eager to use it to buy all the things they need so much.

There is intense competition to provide credit cards to students. Some banks pay highly to be an approved "university supplier" of credit to college students. Cards are issued to students without a job. Gifts such as T-shirts, pizza discounts, backpacks are provided to those who sign up.

And most college students aren't any smarter about credit than adults. One out of five college students accumulate $10,000 or more in credit card debt by graduation.

Once college students are hooked on credit, they will usually be loyal to the credit card issuer for life. Nothing makes a blue suited bank executive happier than a new convert to the life of eternal debt.

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