As a new grad, you might be leaving college with a diploma, but there may be something lacking in your financial portfolio, and that’s credit. PennyGem’s Justin Kircher has some ways to build it up.
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00:00 (upbeat music)
00:02 As a new grad, you might be leaving college with a diploma,
00:06 but there may be something lacking
00:08 in your financial portfolio, and that's credit.
00:11 We're not talking about that Economics 101 course
00:13 you had to take to meet your credit requirement,
00:15 but your actual credit in the real world.
00:18 If you've just graduated,
00:19 you might not have much to your name,
00:21 but there are some steps you can take to change that.
00:23 CNBC Select points out that even if you don't have
00:26 a credit card, you'll likely have something on your report,
00:28 especially if you're paying student loans
00:30 or even have a cell phone payment plan.
00:32 The outlet says to keep paying those on time,
00:34 because that's a big factor
00:36 that can affect your credit score.
00:37 Nerd Wallet says you could also become an authorized user
00:40 on someone else's credit card, typically a family member's.
00:44 This step can be taken even before you graduate,
00:46 with CNBC Select saying to make sure the person keeps up
00:49 with their payments and that there's no annual fee
00:52 for adding an authorized user.
00:53 The site says if you'd rather have your own plastic,
00:56 check out some of the major credit card suppliers,
00:58 as they may have secured cards,
01:00 which require a security deposit
01:02 and typically don't need much credit history
01:04 for you to qualify.
01:05 (upbeat music)