Congratulations Class of 2020!
Houston credit repair expert, Vanessa Perry gives credit tips to recent 2020 graduates in the most recent Ask Impeccable episode below.
High School Grads: Credit Cards ARE NOT “Free Money”
Often times when people graduate high school they are at the verge of “adulthood”. With the benefactors of turning 18 there are also many cautions to take in account. Credit card companies automatically begin sending credit card offers to young consumers since they now qualify for a credit card. Many times the young high school graduates will apply for the card, use the card, and forget about it. Credit cards are not “free money”. They do have to be paid back in a timely manner. When a credit card is left unpaid it can ruin your credit with a few late payments and later go into collections. If you do decide to build your credit and apply for a credit card, make sure you have the money to pay the bill before spending on it.
College Grads: Student Loans
After college, many graduates are faced with the dreadful truth of student loans. Many debt consolidation companies will try and suggest loan consolidation when in fact student loans are low interest and flexible with payment plans. Make sure to not go with a loan consolidation company after college or while paying off your loans.
Loan payments are hard to understand where to begin. After graduation make a plan to either pay or defer your loans depending on your employment status. If you are employed make a payment plan with your loan provider. Begin working on paying the loans off. If you are unemployed, call the loan provider and explain to receive a deferral plan. The loan will continue to accumulate interest, but you will not be penalized for not making a payment. Most loan companies give you up to 6 months post graduations to make a plan with them, but do not wait, act on it right after graduation.
Houston Credit Repair
If you have any questions regarding post graduation credit, or simply just need advice on how to build credit or fix prior credit issues check out Impeccable Credit Services.