Answers to Top Student Money Questions - Part 1

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MONEY

How do I clean up my credit report?

Unfortunately, there is no way to wipe your credit report clean if the information is factual, however the best thing that you can do for a damaged credit report is to allow some time and space.

The amount of time between one late payment and the next can be a big red flag to creditors, if you have a series of late payments and over-the-limit charges then put the breaks on your credit card use until you can bring the balance well below the maximum allowable.

Also, don’t try to apply for any more credit while you’re working on paying off what you already have, take a breather and allow the time and space to show that while you may have hit a rough patch the storm is over and smooth sailing is ahead.

Also, a great book to help you get a grip is, “Your Credit Score” by Liz Pulliam Weston.



ROMANACE & FINANCE

My boyfriend/girlfriend wants us to move in together what should I do to protect myself if it doesn’t work out?

Be sure you’re very clear on the roles and responsibilities before saying yes. It’s very romantic to take the next step in your relationship, but if things don’t work out as planned or worse, aren’t planned at all your love nest could turn into a nightmare.

First, be sure that both of your names are on the lease and that the landlord or rental agency knows you are both responsible for the payments.

Second, determine which utilities you will both pay and put them in the name of the person whose responsibility it is to pay them.

Third, keep bank accounts separate and do not co-sign for things that will have long-term contracts.

I’d advise that both of you take equal, but separate responsibility in all financial purchases. This way if things don’t work out both of you have clear items that you are solely responsible for covering and the other is not damaged by inability or unwillingness to pay.


DREAM JOB

What's the best way to land a job after college?

Start looking well before you need to. Many students underestimate the importance of networking and getting connected to professionals before they’re actually ready to leave college.

Start building your resume with relevant work experience by getting an internship each semester or at least two or three before leaving college.

Studies show that 7 out of 10 employers are more concerned about practical work experience in potential job candidate rather than grade point averages; and according to Victor Lindquest, Dean of Placement Northwestern University, “Because training programs are being cut, internships are more important to future employees than ever”

The best way to land a job is to be prepared and show your future boss that you were serious about getting hired even while you were in college.

Do you have a question for me? You can email me anytime you have questions and I’ll help you get the answers you need. Email me at questions@collegestudentusa.com

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