University Daily Kansan
Wednesday, November 15, 1971
3
Watch credit rating. banks warn
Bv PHILLIP GARCIA
Staff Reporter
Graduates may face a credit crunch when they acquire expensive purchases, such as stairs and store racks.
Although regular bank deposits may be a student's way of establishing a good credit rating while he is in school, slip-ups can hammer his chances for more credit.
Pat Alexander, assistant vice president of First National Bank, Ninth and Massachusetts streets; said, 'It's essential to have someone check accounts to establish credit.
"Many people overlook checking accredit and where a student has been checking account satisfactorily, that's a strong plus. If he has overdrafts, it's a strong plus."
ESTABLISHING A credit rating is not as important as prudent use of credit itself.
"The important thing is that when you start a credit rating, it better be good," he said. "If students are going to get into credit transactions, they better be willing and able to meet the requirements of the transaction." He added that his credit history can be a warning flag.
However, Mike Walls, vice president of University State Bank, 955 Iowa, said students should start to establish credit to obtain a good credit rating later.
"Students are going to recognize early in adulthood they're going to need credit, maintaining a job, maintains a savings account and a good checking account, he is able establish a
WALTS SAID THERE were many ways to establish a good credit history and thus a
One method is for a student to buy a product on credit even if he is able to pay
"A student can set up a charge account with a clothing store, buy a sport coat, charge it, the bill run for 30 days when you are dressed and then pay it off." Wallas exploded.
Or, he said, a student can have his parents take out a loan. Then the student can pay it back himself, using money his parents place into a savings account as collateral.
"Not having a credit history is a problem,
but having a lot better than a bad
credit score" he said.
Walts also emphasized the proper use of credit.
"Another thing is to pay your phone bill on time," Walts said.
"We look at previous accounts or current if they've been on time or if they're been late in getting them paid past due, that's bad. If 60 days, that's worse. Usually, when you get into 60 days, it's all about waiting."
Hehr said students must establish a credit history or must work a certain amount of time on a steady job and keep a steady residence in Lawrence to get a loan.
ALEXANDER SAID miss payments on loans was one way to damage a person's assets.
Lawrence residence, a part-time job or enrollment in school.
Suzann Stahl, manager of Associates Financial Services, 932 Massachusetts St., said, "we check into how long the student has lived at his residence from the date of his application, his job and length of time he will be working there, and whether he has a checking and savings account or past credit with department stores."
Another problem for students in establishing a credit rating is demonstrable. It may be due to:
Often, the first time a student needs a credit rating is when he buys a car.
SHE SAID Financial Services used that scoring system to help reinforce decisions
"The system cannot be used as a means for turning down an application," she said. "It's just a tool for whoever is evaluating applications." If she the applicant qualifies for a loan.
Rich Hich, business manager for Turner Chevrolet, said banks were reluctant to grant loans to students because the banks had not yet made a levy on the transitory status of students.
"For foreign students it's nearly impossible to get a loan for a car. They have to have large amounts of money or collateral to get a loan."
"Banks are downright tight with their money when it comes to students," he said. "They have been burned so much before that they're very protective.
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