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Education plays a significant role in widening individuals abilities to engage in productive work and develop their countries. However, students are not able to pay school fees since the education costs have gone beyond their payment abilities. This has necessitated governments and other organizations to help students complete their studies. Consequently, students carry loans on their backs, which accumulate as they continue looking for viable employment. This hinders their chances of becoming regular employees in various organizations. However, students can raise their credit scores in various ways and increase their chances of getting permanent jobs.
As the human resource manager, I will first explain to intern students the meaning of a credit score that refers to an individuals ability to pay loans and maintain a stable and flexible financial record with various institutions. This score enables them to know their abilities to acquire loans and other financial services from banks and other institutions. Employees with high credit scores have high abilities to repay their loans; therefore, they have few loans and higher abilities to access other loans from banks. I will advise them to check their credit scores using FICO Company services. This company calculates individuals abilities to repay loans and base their analysis on their incomes, expenses, and past credit records.
However, I will discourage them from misconceptions regarding their credit scores that make them reluctant to apply for loans or request new credit cards. As the human resource manager of a regional bank, I will inform intern students that a majority of the population has a poor credit history due to their inabilities to pay school fees. Without government loans, they will not undertake their courses. Therefore, after graduation, they already have deficits in their accounts. However, all institutions have information regarding students loans, and this should not threaten them. This offers them the advantage of having a loan history. This means the government and other banking institutions have hopes these students will repay their loans after graduating and securing a well-paying job.
As the human resource manager, I will advise intern students to know that their initial credit scores will only affect them if they do not work hard to improve them. This is an essential key that determines their credit scores since it shows they are working hard to repay their debts. Therefore, they should not fear that their poor credit scores will affect their entire financial lives. Instead, they should struggle to repay their loans to show effort in improving their scores. Most institutions do not lay much emphasis on how fast an individual pays debts, but rather on their abilities and efforts to pay their past loans. I will inform them that most institutions consider peoples recent financial abilities when evaluating their credit scores. It does not mean that if they have loans they have poor credit scores.
Additionally, a low score is not a premise for denying students access to other financial services. A person can have a low score yet high abilities to access other monetary services like credit cards and bank loans. Credit scores base their results on recent credit records and present incomes, expenses and investments. Therefore, I will advise them that having a students loan does not hinder their access to other financial services. I will encourage them to engage in other activities that can help improve their credit scores while at school and after completion.
I will advise them to avoid applying for multiple credit cards since this may be perceived as a state of desperation. In most cases, people experiencing high financial risks tend to have multiple credit cards to cover their risks. Secondly, I will advise them to participate in part time activities that will earn them income while studying. They will lower their dependency on education loans as well as increase their incomes. Students have less than four class-time hours every day and thus should use their free time on seeking evening and part time employments. I will advise them against discriminating jobs since most of them ignore casual and part time jobs without knowing that their loans are accumulating interests.
However, I will advise students to take jobs at their disposals to realize that the little income generated reduces their loans and thus become key steps in improving their credit scores. By the time, they land on their dream jobs they have a reputable repayment record as well as an improved credit score. On the other hand, this increases their work experience and offers them higher permanent employment chances.
A credit score is an index used to determine an individuals financial position within a period. For that reason, it keeps changing depending on peoples efforts to acquire more assets and income increments. Eventually, they discover they have few years to complete paying their loans. Students should focus on getting employments after graduating and start paying their loans to improve their credit scores as well as increase their employment chances.
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