How do I fix my destroyed credit do to a student loan.?
When I finished school I moved fron Ont to BC. I set up manul payments with the bank in BC and came in one day and the account had been closed.I had missed a couple payments but When I asked why it was closed the bank said I would have to contact the original branch, they said theydidnthave any record of a student loan through them? I called the Can Gov and it had been sent to collections? 7 months later I was contacted by a collection agency and set up internet payments and have paid it off over a year ago. When I contacted the student loan people they said they did not know I had moved to another province. This was 3 years later…..I have changed my Heath card, Drivers licence payed taxes and requested a copy of the original loan application as well as a copy of the intrest relief paper I had filled out and sent in to them. This is the only blemish on my credit report. Is there anything I can do to repair it?
Build a habit of shopping around for things more so for student credit cards:
When you enter a college there are numerous credit card companies waiting to offer you a credit card. Look at each one of them, it might look as time consuming initially but it will save a for you over the college years. A student credit card with lowest APR and other fees will be suitable. Look for rewards that bring additional savings to you. Remember money saved is money earned.
Budget your expenses:
Making a budget is what everyone should learn in early life. The sooner this habit is imbibed, more rewarding the financial future becomes. Budget out your expenses, and eliminate the wastes. Being frugal is not good but being wise helps.
Stick to your budget:
There are temptations to spend more and there will always be. Getting lured into these temptations is a sure shot way to run into credit card debt. Remember every purchase that you make with a credit card is a loan and has to be repaid at the end of the month with interest. Read more about it at: http://www.credit-card-gallery.com/article/249,Student_credit_card_5_tips_to_stay_out_of_credit_card_debt_and_build_a_good_credit_history
