Welcome to our personal and car loan blog! Here, you can find articles on cars, credit, loans, career guides for college students, and much more. Whether you are looking for information on how car loans work, tips on buying a car in the U.S., or insight into how to improve your credit score, we have the answers here!
// Financing / 10/17/2018 （13:54）
How to build credit as a student in UTD?
Being approved for loans is dependent on a lot of things, and your credit score is one of the most important. Your credit score is a three-digit number that reflects your overall credit history. It can tell a lender thelevel of riskassociated with lending you money based on several key factors. If you're new to the United States, you won't have a credit score -- you're a blank slate. This might seem good, but in reality, having a credit score is important to get funding for school, cars and more.
How is Your Credit Score Calculated?
Your credit score is calculated using a mathematical algorithm that aims to reflect your credit history. Credit scores take into account five main factors. They include the following:
The type of credit you are using. Accounts like credit cards may lower your score more than a student loan or mortgage, which are seen as "positive" debt.
Your history of paying on time. Making on-time payments will help build a good credit score.
The length of your credit history. Over time, the length of your open accounts in good standing will improve your score.
The number of new accounts. If you apply for a ton of new credit at once, your credit score could go down.
The amount of money you owe. Keeping your total balance owed under 50 percent of your total credit available will help your score.
Why Does Your Credit Score Matter?
Your credit score affects your ability to get a student loan, car loan, andother personal financing. Landlords also run your credit score, so building good credit could help you get a great apartment. Insurance companies may also run your credit score when they are calculating your premium. You will save money in the long run with a good credit score because you will be approved for lower interest rates.
Want to start building your credit score today? Apply for a loan with Boro, which specializes in funding for international students who don't havea SSNor credit history. Use your Boro car loan to establish good creditnow, and you will benefit later!
Michigan Regulatory Loan License (RL-0020249), effective February 12, 2016,
issued by Department of Insurance and Financial Services.
Contact info: Office of Consumer Finance, 530 W. Allegan Street, 7th Fl., Lansing, MI 48933-1521