Ready to become a responsible borrower?

As a college student, a healthy credit profile may not be the first thing on your mind but it could help you land your dream job, dream apartment, dream car and much more. 

There’s plenty you can do to create that healthy credit profile and set yourself up for an incredible future! Your next step? Staying on top of your credit score. 

TransUnion, Experian and Equifax are the three credit reporting bureaus required to give you a free credit report every year. Check your report to make sure the information is accurate, including any missed payments or incorrect balances. 

After that? It’s staying on top of your credit lines. 

If you have student loans…
You don’t need to start paying back your student loans until you graduate. However, don’t forget that those loans are accruing interest, whether you’re in school or not. If you’re really ready to practice responsible borrowing and want to save yourself a ton of money later, paying off the interest on student loans while you’re still in school is a great idea. 

If you have a credit card…
Yeah, we’ve got tips for credit cards too! First off, do not (we repeat, do not) max that card out. When you max out a card, it brings your credit utilization ratio to 100% which can really hurt your score. We recommend keeping that ratio below 15%. So if your card has a $1500 limit, you shouldn’t charge more than $225 a month. 

Second, only charge what you can pay back and don’t be fooled by the minimum payment. If you just pay that minimum, you begin carrying a credit card balance which can start racking up interest. With the high rates on credit cards, you could end up paying much more than you originally owed. 

If you have BoroCash…
You rock. Make sure you have the funds available in your bank account and keep making those monthly payments on time. Keep in mind if you don’t make your payments they can go into collections and this could negatively affect your credit rating, and hinder you from achieving future goals.

If you don't have BoroCash, this is an opportunity to get up to $2000 that you can pay back over 1-12 months and build your credit history easily (and on an app made exclusively for college students). Download the Boro app now to see how much cash you can get. 

Learn more about managing your money in college