Building credit while going to school

Building credit as a student is an important start to your financial future. Credit cards are offered to students by most financial institutions at no cost. Keeping a good credit score as a student will result in positive reports in the future and the credit bureau. This will allow you continue to build a better future for yourself and a better credit rating. 

Here are some ways you can build credit & keep yourself financially responsible as a student:

  1. Do your research

Most financial institutions will offer different types of credit cards for students. Typically, these are offered at no cost because of your student status. With several options, it is important to look at the different  benefits these credit cards may give you. Some may offer cash back, while others may offer rewards or a point system that can be redeemed for goods or travel. Find out what works best for you and your needs.

  1. Pay all bills and credit cards on time and in full

By doing so, this will set you up to be in the habit of paying everything off at once and prevent you from accumulating credit card debt. Interest from credit card balances can add up, and can put your credit score in jeopardy.

  1. Use student loans for your education, not spending money

It may be tempting to use what is left of your student loans after you have paid tuition as spending money. Keep in mind that building good habits with money early on in your life will set you up for a financially responsible future. Put the leftover money into a savings account to accumulate interest.

  1. Talk to a professional in the finance industry

Finances can get complicated to understand for some people. If thinking about money overwhelms you, it is a good idea to book an appointment with someone at your bank who can walk you through your options. A student financial advisor may also be useful as they can provide unbiased opinions about what different banks offer.  

  1. Keep your account balances low so you are able to pay it off

This may be a given but keeping your credit card balances low and only spending within your means will keep your credit in good standing while in school. If you are unable to pay your balances, the accumulation of credit card debt can become hard to pay off.

Exelby & Partners Ltd. has offices in Red Deer and Grande Prairie to serve rural Alberta clients to answer any financial questions you may have. If you are looking for a second opinion as a student or have any other financial concerns, contact us and we will be happy to assist. We also offer free financial consultations throughout our offices in Alberta for those who need further assistance with credit and debt repair. 


We care about your financial state, and we will do whatever we can to get you back to financial security, while minimizing your stress levels during a difficult time.