Even Staff

2016-02-10

9 Ways To Increase Your Credit Score After College

So you’re not one of the lucky ones whose parents got them a credit­ building credit card when you were 16 for “emergencies,” and now your credit sucks or is virtually nonexistent. Apartments, car leases, and full ­size mattress financing is on the horizon and few things in your past indicate you’re a reliable human capable of making on ­time payments. With that in mind, here are eight ways to raise your credit score after you graduate.

 

1. Practice preventative care.

 

Listen, there’s no reason for you to buy a $500 quadcopter right now if you’re credit limit is only $1000, even if you intend to pay it back in full at the end of the month. What matters is the percentage of how much credit you have available versus how much you use each month. Keep it under 30 percent ­­ your score will stay healthy and on the rise.

 

2. Use one or two cards for all purchases.

 

If you signed up for eleven credit cards that were mailed to your mom’s for you right out of high school because it seemed like free money, get rid of ‘em. Even if your balances are small and you make regular payments, you could be punished. Pay them off and then close them rather than moving balances around.

 

3. Get a secured credit card.

 

It’s possible to get a secured credit card ­­ a card that requires a small cash deposit ($300­ $500 minimum) upfront, which then becomes your limit ­­ with little or no credit to begin with. Make small regular purchases and pay it off in full every time. As you use it, they might reward you and up the limit without making you pay. Just be aware ­­ interest rates are high on these suckers. Here’s a list of secured credit card issuers.

 

4. Get a gas and/or retail store card.

 

It’s way easy to get an Old Navy credit card ­­ buy some flip flops and the cashier will be begging you to open one. Just pay it off in full and on time.

 

5. Refinance your student loans.

 

Take out personal loans from companies like SoFi and Upstart, and use them to make student loan payments. They offer loans at lower interest rates than traditional lenders. Which brings us to...

 

6. Pay your student loans.

 

Not paying your student loans is a garbage idea no matter what the Times says. Your student loans directly influence your credit score and paying them on time will help increase it.

 

7. Keep good old debt on your record.

 

Pay off a mattress/car/quadcopter loan on time? Don’t try to get it off your record just because it’s over ­­reliability is key here. And conversely, if you messed something up in the past, don’t worry so much! It’ll likely be gone in seven years anyway!

 

8. Ask your parents to add you to their credit card account.

 

They don't have to give you a card, but you’ll get credited when they pay the balance. Just make sure you have trustworthy parents.

 

9. Pay things on time.

C’mon, guys.

 

Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. While Even Financial finds these sources to be accurate, it does not endorse or guarantee any third-party content

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Even features the industry’s largest multi-carrier, all-digital life insurance marketplace New York, New York – August 16, 2021 – Even Financial (“Even”), the leading search, comparison, and recommendation engine for financial services, has announced the launch of Haven Term and Haven Simple on its life insurance marketplace platform. Leveraging machine learning and advanced data science, Even solves a significant pain point in financial services customer acquisition by seamlessly bridging financial institutions and channel partners via its industry-leading API and embeddable solutions.   With the addition of Haven Term and Haven Simple, Even has further expanded its extensive network of premium life insurance offerings, strengthening its position as the industry’s largest multi-carrier, all-digital life insurance marketplace. Haven Life, which offers Haven Term and Haven Simple, and is backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), is known for its customer-centric approach and for its commitment to making life insurance more affordable and accessible. Haven Life’s term life insurance offerings will be available on Even properties and via its wholly owned subsidiary LeapLife.   “In these uncertain times, the majority of U.S. adults want the financial security of high-quality life insurance, but are often dissuaded by the complex application process and need to complete an in-person medical exam,” said Phill Rosen, Founder and CEO of Even Financial. “Haven Life’s groundbreaking, all-digital application experience brings tremendous accessibility and peace-of-mind to consumers. 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"On the heels of introducing even more affordable pricing for the Haven Term product, our partnership with Even Financial allows us to marry that affordability with greater accessibility to offer comprehensive financial protection to shared clients with ease and efficiency.”    Even entered the life insurance industry in 2020 through its acquisition of LeapLife, a leading insurtech and licenced life insurance agency. Since that acquisition, Even has worked with its large network of channel partners to make the process of getting personalized life insurance fast, easy, and accessible for consumers. In addition to Haven Term and Haven Simple, products offered by leading insurance companies including Lincoln Financial Group, Pacific Life, and Mutual of Omaha are available through LeapLife, Even’s life insurance platform. Companies such as TransUnion and Lantern by SoFi rely on Even’s embedded finance marketplaces to power 100% digital personalized life insurance policy quotes for their customers, with live agent support.   Even has continued its rapid growth trajectory in 2021 by reaching over $3 billion in consumer credit issued through its API and expanding its platform to over 800 partners. Earlier this year, Even was named one of “America’s Best Startup Employers'' by Forbes for 2021 and placed in the Top 50 of the 2020 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world.   About Even Financial   Founded in 2014, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. As the leading search, comparison, and recommendation engine for financial services, Even seamlessly bridges financial institutions (such as SoFi) and channel partners (such as TransUnion) via its simple yet robust API and embeddable solutions. Even turns any consumer touchpoint into a comprehensive financial services marketplace with full compliance and security at scale. The company is backed by leading financial services firms and VCs, including American Express Ventures, Canaan Partners, Citi Ventures, Fidelity’s F-Prime Capital, Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Learn more at www.evenfinancial.com.   About Haven Life Insurance Agency   Haven Life Insurance Agency, LLC (Haven Life) is re-thinking how people financially protect the ones they love. Haven Life is committed to delivering exceptional products, delightful purchasing experiences, and meaningful moments of service to the modern life insurance customer. Haven Term is a Term Life Insurance Policy (ICC21 Haven Term in certain states, including NC) issued by C.M. Life Insurance Company (C.M. Life), Enfield, CT 06082. In New York (DTC-NY), and California (DTC-CA), and other states, it is issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.    Policy and rider form numbers and features may vary by state and may not be available in all states. Haven Term is available through Haven Life Insurance Agency, LLC (Haven Life), whose agency license number in California is OK71922 and in Arkansas, 100139527. Both Haven Life and C.M. Life are wholly owned subsidiaries of MassMutual.   Please note that issuing the policy or paying its benefits depends on the applicant’s insurability, based on their answers to the health questions in the application, and their truthfulness.   MassMutual and its subsidiaries C.M. Life Insurance Company and MML Bay State Life Insurance Company are rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of June 1, 2021 and is subject to change. MassMutual has received different ratings from other rating agencies.   Media Contact media@evenfinancial.com    
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