Mar 18, 2017 02:05 PM EDT By Audri Taylors, UniversityHerald Reporter

Learning how to be financially independent can be quite a challenge but it is one of the most exciting parts of growing up. It is important to build good credit as early as possible, as it can be a good foundation for loan qualification in the future, rental applications, auto insurance and can even affect one's job qualifications. So before it's too late, here are some tips for college students on building good credit.

Consider getting a credit card

For having credit card, a student can either be their parent's authorized user or they may get their own. There are a few credit cards that students can get even with minimal income, according to The Campbell Times, and it can be good for a start. The most important thing to remember is that the card must be used responsibly.

Pay the entire card balance

One of the smartest uses of the card is for the small purchases and paying for the entire balance once the bill gets in. There is no need to carry a balance to earn a credit, this belief is not even true. This will only work for credit card companies to get more money from their clients.

Avoid big purchases, except in cases of emergency

According to CreditCards.com, a credit card is a very valuable financial tool but students should make sure that they use it wisely and responsibly. They must keep their debts low so they will not have a difficult time paying for their balances. It is also important not to exceed the card's credit limit.

Make sure to get the bill paid on time

Prompt payments can affect one's credit score. On time payment is really essential, not only in credit cards but even with the other services and utilities.

Avoid applying for a number of credit cards at the same time

Applying for too much credit for a short span of time can make one's credit score to fail. It is important to establish good credit first before applying for several cards.

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