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How to Increase Your Credit Score as a Student
Chloe Lane
Updated Mar 17, 2021Save
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Credit scores are (annoyingly) not often something you’re taught in school or university (unless you study accounting and finance, of course) but they’re vitally important and can have a huge impact on your future.
Having a good credit score is important if you ever want to apply for a mortgage, a credit card, or a loan. It might also affect your car insurance, bank account and mobile phone bill.
So, basically, it’s pretty important.
If you’re unsure how to improve your credit score (or what a credit score even is) you’re definitely not alone.
In this article, we’ll be explaining the ins and outs of credit scores: what they are, how to check them and what should you be doing to boost yours.
So, what exactly is a credit rating?
Imagine you want to take out a credit card. To apply, you go online to your bank’s website and fill out a few details about yourself and your finances.
Your bank will then check your credit report: a record of your reliability in the past of managing and repaying debt, including loans, credit cards and bills. Your credit report is a detailed record of your credit history, and includes detailed personal information, information about credit accounts and public records.
This report will be used to calculate your overall credit score, along with any additional information you supply. It will show potential lenders how reliable you are with repayments.
The higher the credit score, the lower risk you are to a potential lender, so banks are more likely to offer you loans.
In other words, if you have a low credit score, you won’t get that credit card, because a low credit score = a high financial risk.
Why should I care?
Here are some of the things a poor credit score can impact:
When you apply for any of these, the potential lender will usually check your credit score, and if you have a low credit score, you most likely won’t be offered the loan.
Okay, but how can I check my credit score?
Checking your credit core is relatively easy. You can use credit reference agencies such as Experian, TransUnion and Equifax, which will all have a record of your credit rating.
Checking your score will help you know where you stand when applying for credit. As you improve your score, you will have access to better financial deals, such as lower insurance premiums.
How can I improve my credit score as a student?
There are plenty of ways to easily boost your credit score. Your future self with thank you for it.
What to do
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What not to do
In case you were wondering, your government student loan will not affect your credit score. It won’t even appear on your credit report – so don’t worry.
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As Content Editor for TopUniversities.com and TopMBA.com, Chloe creates and publishes a wide range of articles for universities and business schools across the world. Chloe has a Bachelor’s degree in Economics from the University of Reading and grew up in Leicestershire, UK.
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