Rental Kharma for College Students
How can college students establish credit? Easy, report your on time rental payment history on your credit report.
10 Years ago credit card companies were all over college campuses getting students to sign up for credit cards. Many of these students had little or know financial education and simply found an easy source for fun money. Many of the students that were given these cards by the credit card companies had little or no ability to repay the debt, or education for that matter what that debt would do to their credit score when they were unable to make timely payments.
Is this a good idea?
So, how can a college student establish credit without going into debt with credit cards?
1) You can get their parents to add them as a co-signer to an existing credit card account. The parent can then get the student a card on the account to use for emergencies.
2) You can buy a car, make sure your payments are through a finance company that reports history on your report. Many of the larger dealers will want a parent to co-sign with you.
3) You can contact Rental Kharma for College Students and have your on-time rental payment history reported on your credit report. Rental Kharma provides this service for FREE to renters.
Pro’s of Rent Reporting
* No debt incured to build your credit
* You get to build credit doing something you are already doing, paying rent in college.
* It’s FREE, so their is no out of pocket expense, just a little time, about 15 minutes.
Check out Rental Kharma for College Students to learn more