Credit Repair Strategy for College Students: Examine and Reduce Your Expenses

A Credit Article Contributed by Brandie King

Credit Repair Strategy for College Students: Examine and Reduce Your Expenses

As a college student you may already be in need of a credit repair strategy. Below you will find a step-by-step plan for one credit repair strategy that is not only easy to do, but will also not cost you any extra money or get you further into debt.

Credit Repair Strategy Step One: Make a List and Check it Twice

The first step in this credit repair strategy is to sit down with pen and paper and make a list of all of your necessary and unnecessary expenses each month. You can also use a spreadsheet program or word processor.

Here is a partial list of expenses that you might consider when writing your list. These include both necessary and unnecessary expenses.

Think about tuition, fees, books and supplies, housing (rent), utilities and phone, furnishings, food (snacks, beverages, restaurants), clothing, laundry, commuting (trips home, car payments, gas/maintenance, parking fees), health care (medical/ dental/ vision/ prescriptions), entertainment and recreation (going to the movies, tapes/CDs, sports/fitness), insurance (car, renters), credit cards and loans, personal expenses, child care, emergencies, miscellaneous.

Credit Repair Strategy Step Two: Evaluate Your List

When you are finished making your list you need to evaluate every item on it. Determine what you absolutely have to have and what you could live without. Highlight items that you can live without or cut back on. Are there any items on the list that you pay for extra features for that you don't really need, such as Caller ID on your phone? Could you cut back on how often you go to the movies, eat out, or buy new CDs? Take a very serious look at your list and eliminate everything that you can. Promise yourself that you will cut back on the things that you can.

Credit Repair Strategy Step Three: Trim Your List and Reduce Your Expenses

Once you've figured out what you can cut out of your current expenses you will find that you have extra money each month. Don't spend that money frivolously on just anything.

If you have credit card bills, make a pledge to pay extra on your credit cards every month in addition to what you normally pay. Use the extra money to pay any outstanding tuition and/or fees you may owe your college. Are you normally behind or late with your rent or utilities? Now you have found some extra money to help eliminate that problem. If you normally fall short of what you need for gas or bus fees you've now got the money for that. Been trying to come up with the money you need to buy books or lab supplies for one of your classes? Now you've got it.

Try to think of things like the ones above that you can use the money on that you are saving by eliminating extra and unnecessary expenses. Concentrate on items that are causing you to be in debt. Things like being late on or not paying your credit card bills, outstanding tuition, and unpaid rent can ruin your credit. They might have already done so. Using the above credit repair strategy can help you to fix any problems a lack of money has caused you.