Tips for College Graduates

on Thursday, 19 May 2011. Posted in Identity Theft

Are you a college graduate or do you  know someone that is?  Leaving the safe haven of university life for the real world can be a difficult transition. From paying off student loans to the shock of auto and health insurance rates, there is a host of new financial experiences awaiting you, and some situations for which you may not have prepared.
Perhaps one of the most unsettling surprises will be the long-term impact that poor credit decisions can have during and after college.  To help avoid getting into credit trouble, you should obtain a copy of your credit report. Credit reports will show the impact debt can have on your credit history, and allow you to correct any inaccurate or erroneous information.  This also helps prevent identity theft.  Individuals can obtain a copy of their credit report from each of the three major credit reporting bureaus by visiting annualcreditreport.com.  This website allows you to pull your credit report for each bureau free one time per year.

In addition to obtaining a credit report, you will also want to check your credit score. A credit score is a number from 300 to 850 and is used to determine the interest rate on loans, insurance rates and whether or not credit can be granted, and at what cost. A credit score can also be obtained from each of the three credit reporting bureaus—at a cost of around $15.

One of the most serious mistakes recent graduates can make is to put off saving for retirement. You may think that it’s to early to plan for retirement. But retirement is a process as well as an event. What occurs in the many years that lead up to retirement has a profound effect on the quality of your retirement once it arrives.  Saving now can help deter or eliminate surprises.

Many financial experts also recommend that you have three to six months of your salary put away in case of an emergency or unexpected expense. It is important that this money be liquid, which means that you can withdraw it without penalty at a moment’s notice.

Call Workmen’s Circle Credit Union today. We are ready to provide the services and support you need--as you get started and move through life.

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