Use a personal line of credit from Santander Bank to fund your dreams.

Ways to Build Credit

Going off to college often means you’re on your own for the first time, and you want to start out on the right foot. Establishing a good credit history is something you don’t want to overlook. People usually talk about needing good credit when they’re ready to buy a car or a home, and that’s true, but having good credit will help you now, too.

For example, you may decide to consolidate your student loans after you graduate. If so, you’ll want to be eligible for the lowest possible interest rate in order to keep your monthly payments down. You’ll also be applying for jobs and looking for a place to live. Employers and landlords may take your credit report and credit score into consideration before making decisions about hiring you or renting to you, so you want your credit history to demonstrate you’re responsible beyond your winning smile.

One of the simplest ways to build good credit is to pay your monthly bills on time, including utilities: gas, electric, cable/internet, and phone. If you pay a bill late, it can negatively affect your credit score for up to 7 years. Establishing good payment behavior from the start will give you better borrowing options when you’re ready for those larger purchases like buying a car or investing in your first home.    

How to Build Credit as a College Student

College Students and Credit Cards

Credit card offers may be coming in, and credit cards are useful for making all kinds of purchases. But before you start filling out applications, make sure you understand the two-way commitment. Review the offers available, and then choose the card that offers benefits that meet your needs, like low interest rates and a rewards program. Once you receive your credit card, watch your spending. A good rule to follow is to purchase only what you can afford to pay off each billing cycle. Remember, using a credit card can help you establish good credit as long make monthly, on-time payments.

Additionally, your credit card utilization rate can impact your credit score. If you are using a large part of your credit limit each month, it may negatively impact your credit score.

Learn more about credit card utilization

Check out the Sphere® Credit Card. With no annual fee and our longest balance transfer offer – 0% Intro Annual Percentage Rate for the first 24 billing cycles if taken in the first 90 days after account opening ***, it’s a great introduction to credit cards.

Learn More About the Sphere Credit Card

Learn More About All Our Student Resources

 

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*** Sphere Annual Percentage Rates (APRs) and Fees: 0% introductory APR for 24 billing cycles on balance transfers made within 90 days of opening your account and 0% introductory APR for 12 billing cycles on purchases. After the introductory period, a variable APR for balance transfers and purchases from 13.49% to 23.49%, based on the Prime Rate and your creditworthiness, with a transaction fee for each balance transfer of either $10 or 4%, whichever is greater. There is no grace period on balance transfers. Also if you take a balance transfer offer, this means that unless your purchase APR is at an introductory or promotional 0% APR, you will pay interest on new purchases from the date made if you do not pay all balances, including the promotional balance transfer, in full by the next payment due date appearing on your statement. Cash advance APR of 25.49%. Minimum finance charge of $1.50. The fee for cash advances is $10 or 5%, whichever is greater. Penalty APR of 30.99%, which may apply indefinitely to your account if you miss payments or otherwise default. The foreign transaction fee is 3% of the gross amount of transactions made in a foreign currency and transactions made in U.S. Dollars that are processed outside the 50 United States, District of Columbia, Puerto Rico, or Santander ATMs in Mexico. Purchases of wire transfers from a nonfinancial institution of either $10 or 4% of the amount of each transaction, whichever is greater. There is no annual fee. Rates effective as of 07/01/2017. Rates are subject to change.

2 No Monthly Fee for Santander® Savings with any consumer Santander checking account or with $100 average daily balance in the Santander® Savings account (otherwise, $1.00). All other fees apply.

1 Other fees may apply, including a Paper Statement fee, if you elect to receive paper statements. Refer to your fee schedule for details.

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