College Debt and Your Credit Score

College Debt and Your Credit Score

How They Can Impact Your Job Search

You’ve spent the past four or more years studying to earn your degree. And with your degree, you hope to get that dream job to earn a good income, so that you can start your life as a financially independent adult. With so much to look forward to, your debt, including student loans, and credit score probably are not at the top of your priority list – but the reality is, they should be.

Are you looking to rent an apartment? Buy or lease a car? Not prepay your utilities? Be approved for the best cell phone plan? Have extra money to start saving? If so, then landing that dream job is just one step to getting what you want in life. First, you need to make sure you have a good credit score, because having a low or no credit score can cost you that job.

You’re probably wondering why an employer would want to run a credit check on potential employees. There isn’t one simple answer, but for many companies, they may view a low credit score as an indication of poor decision-making. And that could affect your role within their organization.

So, knowing this, make sure you pay your bills on time – and this includes your student loans.

3 key steps you can take to proactively impact your credit score include:

Make a repayment plan – How much can you afford to pay each month, what is your grace period, what are the interest rates on your student loans?

Be on time – Each month, pay all your bills on time.

Decrease your debt – If you can afford to, pay more than the minimum.

Like any other steps you would take for a job interview, make sure you’re prepared. And when it comes to your credit score, that means paying your bills on time.

RentReporters is helping the millions of renters to proactively impact their credit score by reporting on-time rent payments to TransUnion, one of the major credit bureaus.

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