Credit Card Companies Promote Features to Help College Grads Establish Good Credit

BY Rachel Cagle
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"Just got your degree? Congratulations! Now’s the time to follow that smart move with another and take a few minutes to learn how to build a good credit profile, says Consumer Reports."

"Having good credit is important because it will save you money in the long run. Need to get a loan for a car or something else? You’ll get the best deal, in the form of lower interest rates, if your credit is good. You’ll also pay a lower interest rate on credit card debt."

"Building good credit, which you do primarily by paying back all sorts of bills in a timely way, in turn results in a higher credit score, a numerical representation of your creditworthiness. Credit scores typically range between 300 and 850. The higher the score, the lower the risk that you won’t pay back your debt. If you took out any student loans, you already have a credit score."

"Get a Credit Card: Credit card companies often start to send new offers to students after graduation. Or, students' favorite retailers are another credit card source. Often you’ll get an introductory discount on merchandise just for signing up. Look for cards that charge competitive interest rates, have no annual fees, and offer cash back or other perks compatible with your lifestyle and spending patterns. Stay away from credit cards with super-​high interest rates that serve the subprime credit market."

"Pay Off Debt on Time: Make timely payments a priority; they’re crucial for developing a good credit score. You may have limited control over the size of your student debt or car-​loan payment each month, but you can budget wisely to avoid overspending on your credit card, says Mike McGrath, vice president at EP Wealth Advisors in Valencia, CA. Pay off your credit card debt monthly, or at least bite off a big chunk of it. At the very least, try to pay debt down within two months."

Most banks can help with these needs and, according to AudienceSCAN, 71.4% of Students: Soon-​to-​be College Graduates have done their banking online within the last 30 days. These students have been receptive to a whole slew of digital advertising media, including social, mobile, sponsored search and email ads in the past year. On top of that, they're 76% more likely than other adults to find ads on their mobile apps useful and 49% more likely to find ads on social media useful.

AudienceSCAN data is available for your applications and dashboards through the SalesFuel API. In addition, AdMall contains industry profiles on car washes and auto service centers, as well as lead lists at the local level. Media companies, sales reps and agencies can access this data with a subscription to AdMall from SalesFuel.