How to Improve a Credit Score as a Student

If you are a student, it can be difficult to build a good credit score. Most college students have very little income, which prevents them from applying for traditional credit cards. But there are several ways you can improve your credit score, despite still being in school.

Instructions

Difficulty: Easy

1. Ask your parents to add you to their credit card. Even if you do not spend any money on their card, or submit any payments, you can piggyback on your parents' good credit history. However, if your parents are often late or delinquent with their payments, you don't want to be on their card--their bad credit score will affect yours.
2. Check if your bank offers a credit card for students. The typical student card has a very low limit, but if you are careful to pay it off every month, you will build credit quickly. There's no need to limit this card for emergencies only--you should use it, but only if you can pay off your balance in full every month.
3. Get a secured credit card if you can't qualify for a student card through your bank. You will need to set aside money equivalent to your line of credit for the card company to hold as collateral. If you pay off your balance every month, your credit will improve and you will be able to trade in your secured card for a regular credit card after a year.
4. Make sure any bills that you have, such as your cell phone, are in your name. Even if your parents help you pay the bill each month, having your name on the bill will improve your credit score.
5. Keep tabs on your student loans. Depending on your financial circumstances, you may take out a number of loans, with varying interest rates and grace periods. When you finish school, you'll need to be able to start paying your loans back relatively quickly--usually within six months--to keep your credit up.

Tips & Warnings

• It's easier to get a credit card if you are working, even as a work-study on your campus. The amount of credit you can afford is always dependent on your income.
• Build a savings account if you have any spare income or money left over from your loans. A savings account can save you from being unable to pay for emergency bills and not having enough credit to cover them.