College students see a need to build credit

Experts say the college years are the best time to begin the process for a Credit Card.

SPRINGFIELD, Mass. (WWLP) – Paying off student debt can be hard enough, but adding credit card bills on top of it could make it even harder.

That is why many young Americans wait to get a credit card but after graduation. Still, adults with no credit history have a harder time renting apartments, obtaining car loans or, eventually, mortgages. Experts say the college years are the best time to begin the process.

“If you don’t have any credit when you leave college and you’re really starting your adult life, whether you’re buying a car or you’re applying to buy a house or you’re even renting an apartment, if you don’t have really good credit than you’re going to be automatically denied or you’re going to have to pay higher interest rates. So the opportunity to build your credit while you’re in college is a really positive thing,” SAID Sage Stachowika, Director of Financial Aid at American International College.

There are credit card options for students who are in college, but many of them come with restrictions. Some require students to either be 21 or prove they have a full time job.

However, others provide perks for good grades or on-time payments. One student told 22News that he waited until his senior year to get a credit card, but realizes it’s important to start building credit.

“I’m actually getting to get a credit card right now. In 2016, you realistically just need to build credit to get a house, car, anything. I’m getting ready to graduate next year, and wherever I want to go in life, if I have a good credit score it will be beneficial for myself,” said Alexander Clark a senior at American International College.

Experts suggest students start with a small limit, such as $300 per month.

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