• Products
    • BoroCash
    • BoroDrive
    • Personal Loan
  • Benefits
    • Referral Program
    • Financing 101
  • Resources
    • Eligibility
    • Dealerships
    • FAQs
    • Glossary
    • Blog
  • Apply now
  • Sign in
  • All
  • News
  • Cars
  • Financing
  • Lifestyle
  • Career
Welcome to Our Blog
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!
How to Build Credit as a Student at Villanova University

// Others / 11/30/2018 (16:30)

How to Build Credit as a Student at Villanova University

Being approved for a loan is dependent on a lot of things, your credit score being one of the most important factors. Your credit score is a three-digit number that reflects your overall credit history. It can tell a lender the level of risk associated 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 an 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 financing opportunities 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, and other 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 college students who don't have a SSN or credit history. Use your Boro car loan to establish good credit now, and you will benefit later!

From boro
Like | 0
Use "Scan QR Code" to share to WeChat
Company
  • About Us
  • Affiliate Program
  • Join Us
  • Reviews
  • Press
Products
  • BoroCash
  • BoroDrive
  • Personal Loan
Resources
  • Eligibility
  • FAQs
  • Glossary
  • Dealerships
  • International Student Loan
  • Blog
Benefits
  • Financing 101
  • Referral Program
Contact Us
  • Live Chat
  • WeChat
    Boro wechat qrcode
  • Messenger
    Contact us messenger qrcode
Boro Inc. BBB Business Review CLICK FOR REVIEW

© 2019 Boro. | CA Consumer Notice Privacy Policy Terms

Boro NMLS No. 1635300. NMLS Consumer Access

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