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Start College
I'll start my career in higher education by studying Leadership Studies and International Affairs and Policies at the University of Richmond. -
Buy My First Car
I'll buy a junker car, one that is borderline not worth buying, and name it Harrison. I'll ask my parents to co-sign on it, so that I can start forming a credit history right away, which will make me look 'wise' and 'experienced' to lenders when I need a loan. -
Credit Cards
I'll try to pay off my entire credit card balance every month, but I'll pay as much as I can manage if the whole balance is too much. To proactively help me achieve this, I will only use my credit card for occasional, small purchses and real times of emergency. This will start as soon as I open a credit card. -
Start Investing in the Stock Market
The career that I ultimately want to go into doesn't pay a lot of money, so by starting to invest early in stocks, bonds, and mutual funds, I'll be able to get extra profit that will continue to grow and supplement my income. This is reduce the risk of me not having enough money to pay off credit card balances, student loan payments, car loan payments, and mortgages later on. -
Graduate with a Bachelor's Degree from UoR
The University of Richmond has a good reputation of students graduating with no debt, however I shouldn't expect for that to happen. Therefore, I'll find out if I can make early payments in preparation for the next step I plan on taking. -
GAP Year
I'd like to take a Gap Year between undergrad and graduate's degree. I'll have to plan for this by using the money I make from investments to pay for my student loans while I might not have a solid source of income. I will try to get into a Gap Year program that provides a job while you're abroad. -
Master's Degree
I'd like to get my master's in leadership studies or international affairs. This will also require financial aid which might present itself in the form of student loans. I'll have to continue to save and use my money wisely. -
Renting an Apartment
I will rent an apartment close to the school I'm attending for my master's degree. I'm choosing to do this for two reasons; 1) I'm not planning on staying in that area after school, I will move where my future employment takes me, and 2) apartments are generally only leased out. -
Paying Bills On Time Every Month
In an effort to keep my credit score in a good spot, I will pay my bills on time every month. I will have a part-time job and my investments to keep a steady income coming in. -
Buying a Brand New Car
In my mid-twenties, I will be starting to have places I need to go on my time. If I'm in a place that has good public transportation that can get me where I need to go in the time that I need to be there, then I will utilize that while I can. However, it'll be a miracle if Harrison, my junker car from freshman year of college, actually makes it this long, so I will need a car eventually. -
Post-Post-Graduate School
After I recieve my Master's degree, I will either start working in my field full-time, or I'll pursue a Ph.D. Working is the more likely option here. With my new-found source of income, I'll be able to pay bills and loan payments much easier. That will help my credit score a lot. -
Marriage
Marriage isn't high on my list of priorities, My career, education, travel, and self-care are much more important to me. If it happens it happens. I wouldn't spend a lot of money on a wedding or a honeymoon though, I'd much prefer to spend that money on buying a house or paying off debts. -
Final Thoughts on How I'll Build Good Credit
I see the whole idea as a fairly simple thing. I'll pay my bills on time, I'll only borrow what I need to and what I can reasonably afford, I'll pay off my credit card balance in full every time I can, and I'll utilize the free credit score report every year. I'll make sure I make smart investments that will build my income, which will obviously spill over into helping me pay off debts.
