Graduates Seek to Build Credit

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Columbus, Ohio (PRWEB) June 5, 2007 -- It's that time of year when young adults are graduating from college and entering the work force. Unfortunately, many of them are entering it with little knowledge of credit and what a good credit score can do for them.



These graduates are seeking to build their credit or improve credit that may have been harmed by wasteful college living. That's where the services offered by Spare Credit come in.

"It's a race against time," said John Case, CEO of Spare Credit. "You may not be thinking about life in your 40s right now, but taking thirty minutes today to start improving your credit score could easily make a 30-50 point difference in a decade. And that relates to real savings."

Credit can affect more areas of life than graduates realize.

"Credit rates can impact your rent or your insurance rates," said Case. "A lot of young professionals don't know that."

Raising a credit score can affect larger financial decisions too, such as home and car loans.

"By raising your credit score, you can save $3,000 over the course of a mortgage," said Case. "You can also save $300 on every car you buy."

Credit cards are an old trick for building credit, but Spare Credit offers young professionals a way to accelerate that process. Their free service matches lending institutions to the applicant's current credit level and allows them to apply for multiple credit cards simultaneously.

"It flies in the face of current beliefs," said Case. "The normal way of doing things is to apply for a credit card, then sit and wait to see if you get it. If you are approved, you better wait to apply for another one or you appear desperate. We help people bypass that waiting period."

Spare Credit's free process selects the cards applicants will most likely be able to get.

"Someone with good credit would waste their time applying for cards that require excellent credit," said Case. "Conversely, someone with excellent credit would raise flags by applying for sub-prime cards."

They also provide reminders to help applicants manage their credit lines after they have been approved.

Most graduates are familiar with the idea of credit and debt. More than 47 percent of adults between the ages of 18 and 34 have $8,000 of debt, and that doesn't include a home mortgage. What they may not realize is the positive ways credit cards can affect their credit scores if used properly.

Starting early is a crucial aspect of building credit, according to Case.

"The longer you hold a line of credit, the more weight it has in your credit score," he said. "So the sooner you start building that credit line, the better off you will be."

For more information on how you can improve your credit, visit SpareCredit.com.

About
Spare Credit helps young professionals build credit, improve their credit score and secure additional lines of credit. Their innovative approach to applying for credit helps establish more spare credit for consumers while increasing their credit score.

Press releases provided by Xeal Inc.

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