Another very important reason for building and maintaining good credit is that it makes consolidation much easier. With a good credit score you can get approved for a consolidation loan with a lower interest rate, potentially saving you thousands in the future.
This will also have benefits extending far into your future. Building good credit now will help to reduce your student loan debt and make you more likely to get approved for home loans, auto financing and other situations you will encounter. Any step you take to make the repayment process on undergraduate loans smoother will affect multiple aspects of your daily life for decades to come.
So start making your future easier in the present.
Maintaining a good credit history throughout your time in college is beneficial for a number of reasons. For instance, good credit will make it easier to get approved for a loan later in your college career if you run into financially tight times. Now you can avoid having to take time off from school to earn money so you can go back.
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|Jennifer Mathes, Ph.D.|