As a student-athlete, you’re balancing school, practices, games, and possibly NIL income. But when it comes time to rent an apartment, buy a car, or even get a phone plan, many young athletes get a wake-up call: credit matters.
And what if your credit is bad—or non-existent? Worse, what if your parents’ credit is in the same shape?
This article gives you a step-by-step roadmap for building or fixing your credit from scratch. We’ll also show you how to help your parents if their credit is in the tank too. The key? Discipline, patience, and understanding that credit is a long game.
Why Credit Matters for Student-Athletes
Credit isn’t just some adult thing for later—it impacts your life now. Without good credit, it’s harder (or more expensive) to:
- Rent an apartment without a huge security deposit
- Lease or finance a car
- Qualify for low-interest loans or credit cards
- Get approved for utilities or cell phone plans
When you don’t have credit or your score is low, lenders and landlords see you as a risk. But the good news is this: you can change that. Starting now.
Understanding What Impacts Your Credit Score
Before jumping into solutions, it helps to know how credit scores are calculated. Most credit scores (like FICO) are based on five main factors:
- Payment history (35%): Are you paying bills on time?
- Credit utilization (30%): How much of your available credit are you using?
- Length of credit history (15%): How long have you had credit accounts?
- Credit mix (10%): Do you have both revolving (credit cards) and installment (loans) accounts?
- New credit inquiries (10%): How often are you applying for new credit?
If you have no credit, that means you don’t have enough information on file for a score. If your credit is low, it’s usually due to missed payments, high balances, or past delinquencies. In either case, here’s how to start fixing it.
Step 1: Check Your Credit Report
Start by reviewing your current credit situation. Go to www.AnnualCreditReport.com and pull your reports from all three major bureaus: Experian, Equifax, and TransUnion.
Look for:
- Accounts you don’t recognize
- Late payments
- Accounts in collections
- Your credit start date
If anything looks off, file a dispute with the credit bureau. Fixing errors can improve your score quickly.
Timeframe: 10 minutes to pull reports, up to 30–45 days to resolve disputes.
Step 2: Open a Secured Credit Card
A secured credit card is one of the fastest ways to start building credit. You deposit your own money (typically $200–$500), and that becomes your credit limit. You use the card just like any other card—buy gas, groceries, or a streaming subscription—and pay it off each month.
Paying on time and keeping your balance low shows responsible credit behavior. Within 3–6 months, you should see a score start to form or improve.
Timeframe: 1–3 months to see credit activity show up.
Step 3: Get Added as an Authorized User
If you have a mentor, coach, family friend, or someone you trust who has good credit, ask if they’ll add you as an authorized user on one of their credit cards. Their positive payment history and account age can help your score.
You don’t need to use their card—just being added gives you the credit benefit.
Timeframe: 30–90 days to see impact.
Step 4: Use a Credit-Boosting App or Tool
Apps like Experian Boost allow you to add bills like your phone, Netflix, or utilities to your credit report. If you’ve been paying those bills on time, it could give your score an instant bump.
Other tools like Grow Credit or Kikoff let you build credit using small subscriptions or loans that report to the credit bureaus.
Timeframe: 1–2 billing cycles to see results.
Step 5: Consider a Credit Builder Loan
Credit builder loans are small loans (often $300–$1,000) where you make fixed payments over 6–24 months. Your payments get reported to the credit bureaus, helping you build a positive payment history.
These are offered by local credit unions or online platforms like Self or SeedFi.
Timeframe: 3–6 months to see a meaningful credit change.
Step 6: Set Everything to Auto-Pay
Late payments hurt your score more than almost anything else. Even one missed payment can drop your score by 50–100 points. Use autopay to make sure at least your minimum payment is always made on time.
Also, keep your credit card balance under 30% of your limit to show responsible usage.
Timeframe: Immediate and ongoing impact.
Step 7: Don’t Apply for Too Much Credit
Applying for too many credit cards or loans in a short period can make it look like you’re desperate for money. Space out your applications and only apply for credit when needed.
Timeframe: Hard inquiries fall off after 2 years, but their impact lessens after 6 months.
Step 8: Keep Old Accounts Open
The age of your accounts matters. Even if you don’t use a card much, keeping it open helps your average account age and your credit utilization. Unless the card has an annual fee, leave it open and use it occasionally for small purchases.
Timeframe: Long-term benefit; builds over time.
Step 9: Track Your Score Progress Monthly
Use free tools like Credit Karma, Credit Sesame, or your credit card company’s FICO score updates. Watching your score monthly keeps you motivated and informed.
Timeframe: Ongoing tracking—set a reminder every 30 days.
What About Helping Your Parents?
Many student-athletes come from homes where credit has been a lifelong struggle. You can’t directly fix someone else’s score, but you can walk them through the same steps:
- Help them pull and review their credit reports.
- Show them how to dispute errors.
- Help them set up autopay and understand due dates.
- Encourage them to use secured credit cards or credit builder loans.
- Share what you’re learning with them.
You might even be able to help them rebuild by adding them as an authorized user on your card—but only if you’re 100% sure you’ll pay on time. Be cautious.
Also, be aware that many parents may feel shame around their credit situation. Approach the topic gently, and focus on how it can improve over time with small steps.
Timeline Recap: What Credit Improvement Looks Like
- Month 1: Check reports, open secured card, add autopay
- Months 2–3: Become an authorized user, begin using Boost or Grow Credit
- Months 4–6: Add credit builder loan, maintain on-time payments
- Months 6–12: Score climbs into mid-600s or better
- Year 1–2: Reach 700+ score with consistent habits
The key isn’t doing everything at once—it’s doing the right things consistently.
Final Thoughts: Play the Long Game
Credit doesn’t improve overnight. But just like your athletic career, your credit story is about putting in the reps, staying disciplined, and tracking your progress.
If you start today and stick with the plan, your credit a year from now will be in a completely different place—and so will your opportunities.
You’re not stuck. You’re just getting started.
And if you want more help, visit www.FinancialLiteracyForNIL.com or email info@financialliteracyfornil.com. Let’s build your financial game together—step by step, season by season.