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The Discover it® Student Cash Back is our top pick for a student card since it has a wide range of benefits. There is a cashback program where you can earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com or wholesale clubs up to the quarterly maximum each time you activate, plus 1% unlimited cash back automatically on all other purchases. Plus, new cardmembers can benefit from Discover automatically matching all the cash back you earn at the end of your first year. Another unique perk is the good Grades Reward: Receive a $20 statement credit each school year that your GPA is 3.0 or higher, for up to five consecutive years.
Of course, credit utilization is simple enough to do yourself with a simple spreadsheet 10 Helpful Spreadsheet Templates To Help Manage Your Finances 10 Helpful Spreadsheet Templates To Help Manage Your Finances Wouldn't it be great if you knew where your money was, at all times? Read More and a little bit of time. Taking the time to figure out where you stand with your credit is a critical first step toward getting it in order.
You're also entitled to a free credit report if you've been turned down for credit because of something on your credit report, if you're currently receiving government assistance, if you're unemployed and planning to look for a job soon, or if you think you've been a victim of credit card fraud or identity theft. Some states even have laws that let you get an additional free credit report each year. All these free credit reports should be ordered directly through the credit bureaus.

Even closing an account won’t make your late payments disappear. Your best bet here is to get yourself back on the right track — set up payment due date alerts with all your credit cards and loans and get organized. You can move credit card payment due dates around pretty easily on your bank or lender’s website. Be sure to check your payment due dates in relation to your paycheck schedule.

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The scoring system wants to see that you maintain a variety of credit accounts. It also wants to see that you have 3 revolving credit lines. If you do not have three active credit cards, you might want to open some (but keep in mind that if you do, you will need to wait some time before rescoring). If you have poor credit and are not approved for a typical credit card, you might want to set up a "secured credit card" account. This means that you will have to make a deposit that is equal or more than your limit, which guarantees the bank that you will repay the loan. It's an excellent way to establish credit. Examples of an installment loan would be a car loan, or it could be for furniture or a major appliance. In addition to the above, having a mortgage listed will bring your score even higher.

Unlike other types of credit, even people with deep subprime credit scores usually qualify to open a secured credit card. However, credit card use among people with poor credit scores is still near an all-time low. In the last decade, credit card use among deep subprime borrowers fell 16.7%. Today, just over 50% of deep subprime borrowers have credit card accounts.30


The Capital One® Secured Mastercard® is great for people who may not have the cash available for a $200 security deposit. The minimum security deposit is $49, $99 or $200, based on your creditworthiness. If you qualify for the $49 or $99 deposit, you will still receive a $200 credit limit. This is a great feature, plus you can get access to a higher credit line after making your five monthly payments on time — without needing to deposit more money. This card also comes with Platinum Mastercard benefits that include auto rental and travel accident insurance, 24-hour travel assistance services and more.

You will also need a big lump sum of cash. Borrowing from your 401(k) retirement plan is an option if you have no alternatives. It isn’t considered an actual loan, so it doesn’t show up on your credit report. You can borrow up to 50% of your plan balance without penalty. However, before taking that route, see if a wealthy family member may consider giving you a loan instead, as dipping into your retirement savings can be disastrous in the long run.
It helps to go through your credit reports with a highlighter and pick out any and all inconsistencies. Keep in mind that a credit report from one credit bureau may have an error, while another may not. That’s why it’s so important to check all three of your credit reports from all three credit reporting agencies for inaccuracies on each. You may find none, a few, or perhaps many errors on your reports. That’s where the next step to improving your credit comes in.
The moment you’ve cleared a debt, the idea is to get it off your report. However, if you’ve handled a debt well and been prompt with clearing your dues, it reflects well on your report and hence, your credit score. So, don’t close accounts where you have a good repayment account. The bad debts anyway get written off from your account in a few years’ time.
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Your payment history accounts for about 35% of your credit score, and a couple of missed payments can really hurt your score. Most consumers don't know you can request creditors stop reporting missed payments to ratings agencies if you have an otherwise clean record. This is called a good-will adjustment. Write a letter to your bank or card issuer emphasizing your past good payment history and asking politely to stop reporting the missed payments. Of course, this trick only works if you have a pretty clean record already, but you can remove those few blemishes that holding back your credit score.
The Bank of America® Travel Rewards Credit Card for Students allows you to earn unlimited 1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points. This is a simple flat-rate card that doesn’t require activation or paying on time to earn the full amount of points per dollar, like the other two cards mentioned above. If you plan to do a semester abroad or often travel outside the U.S., this card is a good choice since there is no foreign transaction fee. Students with a Bank of America® checking or savings account can experience the most benefits with this card since you receive a 10% customer points bonus when points are redeemed into a Bank of America® checking or savings account. And, Preferred Rewards clients can increase that bonus 25%-75%.Read our roundup of the best student credit cards.
The scoring system wants to see that you maintain a variety of credit accounts. It also wants to see that you have 3 revolving credit lines. If you do not have three active credit cards, you might want to open some (but keep in mind that if you do, you will need to wait some time before rescoring). If you have poor credit and are not approved for a typical credit card, you might want to set up a "secured credit card" account. This means that you will have to make a deposit that is equal or more than your limit, which guarantees the bank that you will repay the loan. It's an excellent way to establish credit. Examples of an installment loan would be a car loan, or it could be for furniture or a major appliance. In addition to the above, having a mortgage listed will bring your score even higher.
If you see missed payments that shouldn’t have been there, write it down. Your credit score is negatively impacted when you are 30 days or more past due. If you see a balance on a card that you haven’t used in years, it could be because the account has been stolen. Misinformation in the accounts section harms your credit score, so make a note of all incorrect information.
Even if you are careful about guarding your information, you can still be a victim of identity theft. Anyone who gains access to personal information like social security numbers and addresses can open credit cards or loans in your name with no intention of paying any of the money borrowed back. When this happens, your credit will suffer and it can take awhile to repair the damage. Pull your credit reports on a regular basis and look out for accounts and information that are not yours.
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