Credit Information and Personal Finance Resources | Credit One Bank

Credit One CentralTM

Explore ways to manage your credit and finances with Credit One Central. These informational articles and resources can help guide you in your everyday life.

How College Students Can Build Credit Before Graduation

How College Students Can Build Credit Before Graduation

Exams. Tuition. Internships. Graduation.

College students have plenty to worry about at any given time, so it's no wonder that their credit score doesn't always make the list. However, college is actually the ideal time for students to begin building credit!

Why Should College Students Use Credit?

The average 18-24 year old only has a credit score of around 630, which puts them in the "Poor Credit" range. A credit score in that range may make things more difficult, including getting approved for a loan or cell phone plan, and results in higher interest rates and insurance payments. Potential landlords and even hiring managers can review credit reports, so a poor score may even impact a student's ability to land a job or an apartment after graduation.

But good credit doesn't just happen overnight—it takes years of proven, responsible credit usage to build a solid track record and raise scores into the "Good" or "Excellent" range. It's key that students start working on their credit history early in order to graduate with a score that could open doors, not close them, in the future.

How Can College Students Start Building Credit?

Here are a few smart and simple ways that college students can get started down the road to good credit:

1. Open an entry-level credit card

It may be tempting to apply for a top tier card with flashy perks, but students should actually focus on starter credit cards, student credit cards, or credit cards for bad credit which they're more likely to be approved for. However, students should only apply for one credit card at a time, as too many applications at once can negatively affect their scores.

2. Become an authorized user on a parent's card

In order to be approved for a credit card, students will need to provide an independent source of income or have a co-signer over 21 years of age. Another option is for parents to add their student as an authorized user on an existing account. Depending on the creditor, payment history may not be reported on the student's credit report, but it does help them learn how to manage a credit card.

3. Use credit only for basic expenses

While opening a card is the first step toward a stronger credit score, using that card also plays a crucial role in building good credit. Students should aim to spend less than 30% of their credit limit on small expenses that they can afford to pay off in full each month such as filling up the car with gas or stocking up at the grocery store. Students should not, however, use credit cards to pay for expensive clothes, gadgets, or an entire spring break trip.

4. Make the most of credit rewards

When used responsibly, simple cash back credit cards can enable college students to get cash back on purchases they already make while building up their credit history.

5. Always pay on time

If there's one consistent factor in growing and maintaining a high credit score, it's making payments on time, every time. In fact, on-time payments make up 35% of a person's credit score! Students can take advantage of online tools such as email alerts or auto-scheduling to ensure they never miss a due date.

All in all, building good credit is a marathon, not a sprint. The earlier students start practicing good credit habits, the stronger their score will be once they graduate. Our credit cards come with 1% cash back rewards on eligible purchases to help college students start building credit for life after graduation.


 

« Return
Credit One Bank Testimonials

Customer Testimonials & Success Stories

Looking to reach your financial goals? See how Credit One Bank helps people purchase a house or car, handle emergencies and build their credit.

Read More

See If You Pre-Qualify Today

With a Credit One Bank Platinum Visa®, you'll earn 1% cash back rewards on eligible purchases, terms apply, and receive many benefits like free online access to your credit score and $0 Fraud Liability.

In less than 60 seconds, find the card that's right for you!



* This material is for informational purposes only and is not intended to replace the advice of a qualified tax advisor, attorney, or financial advisor. Readers should consult with their own tax advisor, attorney, or financial advisor with regard to their personal situations.

Credit One Bank Credit Card

 Terms of Use 

Credit One Bank maintains our various websites (hereinafter referred to as "website") as a service to our customers and visitors in order to provide information about products and services and to facilitate communication with us. We require that all customers and visitors to our website adhere to these Terms of Use. By accessing our website and any of its pages, you indicate your acknowledgement and acceptance of the Terms of Use set forth herein without limitation or qualification. We may revise the Terms of Use at any time by updating this posting. You should therefore visit this posting to review the Terms of Use from time-to-time as you visit the website. For the purposes of these Terms of Use, references to Credit One Bank include its affiliates, directors and employees.

COPYRIGHT - The information and materials contained in the website, including but not limited to text and images herein (excluding certain images licensed from third parties) and their arrangement are © Copyright 2015 by Credit One Bank. The information and materials contained in the website may not be copied, displayed, distributed, licensed, modified, published, sold, used to create derivative work or otherwise used for public or commercial purposes without the express written permission of Credit One Bank.

LIMITATION OF LIABILITY - We use our best efforts to include accurate and up-to-date information and materials on the website, however, information and materials on the website are provided "as is" without any warranty of any kind, either express or implied, including but not limited to the implied warranties of merchantability, fitness for a particular purpose and non-infringement. Furthermore, we make no representations as to the accuracy or completeness of the information. The information and materials on the website may include technical inaccuracies or typographical errors. From time-to-time we may amend, change, add, delete, update or alter the information and/or materials contained in the website, including information regarding the products and services described or offered on the website, without notice. We assume no liability for any errors or omissions in the information or materials contained within the website and expressly disclaim any responsibility to update the information or materials contained within the website. By using the website, you acknowledge that we specifically disclaim any liability for any direct, indirect, special, unsolicited or consequential damages, losses or expenses arising out of your access to or use of the website, even if we have been advised of the possibility of such damages, including liability associated with any viruses or software which may impact a user's equipment.

GOVERNING LAW - You agree that your use of the website shall be governed by all applicable Federal laws and the law of the state of Nevada.

INFORMATION SUBMISSIONS - All information and materials (including but not limited to feedback data, documents, questions, comments, and suggestions) you submit to us via the website or email shall be deemed to be the property of Credit One Bank and may be used by us in a manner consistent with our Privacy Policy. We shall be free to reproduce, use, disclose, exhibit, display, transform, create derivative works and distribute this information and materials to others without limitation. Furthermore, we shall be free to use any ideas, concepts, know-how or techniques contained in such information or materials for any purpose whatsoever, including but not limited to developing, manufacturing and marketing purposes. Application information submitted to us shall be treated confidentially to the extent required by applicable law or as disclosed in the application and/or supporting materials.

ADVERTISING DISCLOSURE AND LINKS TO OTHER WEBSITES - We do not provide, endorse, nor guarantee any third-party product, service, information, or recommendation available through links from this website. The third parties providing products and services available through this website are not affiliated with us and are solely responsible for their products, services, information, recommendations, and all other content on their websites. We shall not be held liable for any third party's failure with regard to such advertised products, services, and benefits. Many of these advertised products and services are not FDIC insured, nor bank guaranteed. By responding to offers advertised on this website, you may be communicating information about yourself to the company that provides such product or services - for example, that you are a Credit One Bank customer. Please be aware that these third parties may have a different privacy policy than ours. Their website(s) may also provide less security than ours. We encourage you to check individual offers, products, and services to become familiar with any applicable restrictions or conditions.

×
 Security & Fraud  

We are committed to protecting the security of your personal information. We list some activities below that we perform in order to safeguard your data and some tips that you can follow to protect your security.

What We Do:

  • We employ industry-proven standards and technologies to protect information in our computing environment.
  • We protect our systems and networks from the Internet with Firewall systems.
  • We use 128-bit SSL encryption technology to protect sensitive information that is transmitted over the Internet.
  • We maintain a Global Digital Certificate signed by Verisign® that assures you are, in fact, communicating directly with Credit One Bank.
  • We control access to your information inside our company by limiting employee access to systems and data.

What You Should Do:

  • Protect your Username and Password. Avoid choosing easily guessed words or numbers. Avoid writing your Sign In information in a place where others can view it.
  • Use the "Sign Out" button to Sign Out from Online Account Access upon completion of your session and close your browser.
  • Do not use email for account-specific questions. Email is not normally encrypted and your account information could be intercepted.
  • Review your statement information regularly for unauthorized transactions.

Alerts Regarding Phishing and Web-Spoofing:

  • Phishing is an Internet scam (spoof) in the form of an email or pop-up box. The emails and pop-ups link to sites that look like well-known legitimate businesses and ask you to provide and confirm personal, financial, or password information.
  • Legitimate businesses do not ask for this information unless you initiate a request for a service. Please DO NOT RESPOND to these emails requesting personal identity, accounts or password information.
  • Scam emails often contain misspelled words, poor grammar, awkward or unprofessional writing and typos.
  • Be suspicious of urgent or alarming appeals that request security information.

Fraud Alerts:

  • Credit One Fraud Alerts messages are provided to you at no cost. You will not be charged for alerts received.
  • Message frequency varies, as they are only sent when there is suspicion of fraud.
  • Mobile carriers are not liable for delayed or undelivered messages.
  • For help send HELP to 89283.
  • Send STOP to 89283 to end future fraud alert messages.
  • For support contact us at 1-877-825-3242.

To learn other ways to avoid email scams and deal with deceptive spam visit the Federal Trade Commission site at www.ftc.gov/spam

×

You are leaving CreditOneBank.com

If you the 'Continue' button, you will be directed to a third-party website unaffiliated with Credit One Bank, which may offer a different privacy policy and level of security. Credit One Bank is not responsible or liable for, and does not endorse or guarantee, any products, services, information or recommendations that are offered or expressed on other websites.

the 'Return to CreditOneBank.com' button to return to the previous page or 'Continue' to proceed to the third-party website.

Return to CreditOneBank.com Continue