College Graduate Insurance & Credit Tips

May 24, 2010

As a recent college graduate, things like health insurance and your credit score are topics you’ll have to start figuring out now that you’re venturing out on your own.

Health Insurance for College Graduates

The good news is that finding temporary health insurance for college graduates may not be as urgent as it once was.  One part of the health care reform bill was an extension of dependent coverage that allows child dependents to remain on their parents insurance plan until they are 26 years old.

However, once you are earning your own income and no longer a dependent you’ll want to make sure that you get your health insurance taken care of right away.  If you’re uninsured and have a major medical expense it could put you into major debt, not a good way to start off your adult life.

When you start a new job, make sure you check the insurance policy of your new employer.  Many companies start offering insurance coverage right away but that’s not always the case so you may have to look for temporary insurance to fill the gaps.

Auto Insurance for College Graduates

The bad news is that insurance companies see college grads as a larger than normal risk so it won’t be easy to get cheap car insurance.  There are a few things you can do to try and lower your insurance rates while still getting you enough coverage. This post on auto insurance for college grads looks at finding the right agent, doing your research, and steps you can take to to lower your rates.

College Graduate Credit Scores

Hopefully you didn’t ruin your credit score while in college, but even if you didn’t go crazy with the credit cards you could still face problems with your credit.  If you haven’t established any credit history at all this could also make it tough for you any time you apply for a loan.  Companies lending you money want to know how likely you are to pay back what you borrow.  If you have no past track record then often times they assume you’re a higher risk to protect themselves.

If that applies to you, here are some tips for building your credit history.  If you do have a decent credit history and are looking for some credit card options here are some of the best credit cards for college graduates.

Keep in mind that you have to keep paying your bills on time to keep your credit score up.  Here are some spending and budgeting tips for college grads to help you keep control of your money.  Any student loans that you owe will have an impact on your credit report, here are some tips on lowering your payments and paying off your student loans.

Hopefully those tips on insurance and managing your credit score will make it a little easier as you leave school start managing your own finances.

Ben

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Ben

Ben Edwards, the founder of Money Smart Life, saved up enough to buy a Nintendo back when he was 12 years old. When he used the money to buy shares of Wal-Mart stock instead, he knew he wasn’t like the other kids… His addiction to personal finance has paid off for his family and now he’s helping you to afford the life that you want. Check him out on the web at Google Plus, Twitter and Facebook.


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5 Responses to College Graduate Insurance & Credit Tips

  • Importance of credit score

    Consumers with good credit ratings will be offered the best interest rates by credit card issuers, and will also have more buying power when it comes to finding the best card to suit their needs.

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