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    5 Replies Latest reply on Jul 14, 2008 11:50 PM by TJMorehead

    Revolving line of credit for college students

    CreditClub Newbie

      I graduated from Salisbury University 2 years ago and immediately employeed with Enterprise Rent-a-Car. My two year plan was to build a strong resume and get business training under my belft before starting business. I recently hit my two year anniversary and ready to pursue my business venture.

      For over two years i've been working on a business idea to 'assist college students in building their credit worthiness' .

      I have:

      Business plan
      Purchased domain name:
      Surveyed 200 college students and established their is a market for my product
      Overhead is very low and i have start up and running expenses covered - not applying for a loan
      Worked with the Dean of the business school and able to put together Internship program - i'll have a strong, FREE team!!!

      The only obstacle that i've encountered is the need for a lender to be willing to give college students revolving lines of credit used towards rent payment (Now starting to search) I would entice the lender by offering my service for free and diversifying their portfolio with young professionals. My revenue would be genereated from college students paying a small service fee. Other channels of revenue once up and running.

      I'm ready to put my 2 weeks in and start my business ASAP - any suggestions about finding a company that specializes in administering revolving lines of credit to college students?

      Any suggestions would be greatly appreciated.

      Thank you,

      Charleston, SC
        • Re: Revolving line of credit for college students
          LUCKIEST Guide


          College Credit Club, Welcome Dave, WHY ANOTHER POST??

          My suggestion would be to go online to SCORE and find a Mentor.
          SCORE "Counselors to America's Small Business" is a nonprofit association dedicated to
          educating entrepreneurs and the formation, growth and success of small business nationwide.
          SCORE is a resource partner with the U.S. Small Business Administration (SBA).

          Good luck, LUCKIEST
          • Re: Revolving line of credit for college students
            dtominus Wayfarer
            You have lenders providing private education loans, this may be where you want to go,
            students are signing for private education loans all the time, after they have exausted there
            sub and unsub and grant and perkins loans, thats where i would start.



            Dave Tominus
            • Re: Revolving line of credit for college students
              TJMorehead Adventurer
              Credit Club,

              This sounds pretty interesting. I have a couple of questions: 1) How are the students going to pay back the line. 2) Would you go into more detail on the service you are going to offer. Is it just credit coaching services?

              I have a connection for you- Your Credit Coach Company, Inc. This company has affiliate programs.

              Join us on Business Finance Solutions and Credit Building conference calls on Monday nights at 7:00 pm CST. Dial in 712.432.1690: Access code: 939758.

              Take care,
                • Re: Revolving line of credit for college students
                  CreditClub Newbie

                  Hello TJM

                  College Credit Club's business model runs parallel to a college student's daily life per rent payment. The only difference is we offer multiple forms of headache free rent payment and build their credit. To your question - the students will pay the credit line back as if our member's are paying rent on time (we do offer options for deliquent members). Our goal is to have every member pay rent on time and graduate college with an excellent beacon score. We also have other ideas to build a very strong credit score (example - monetary graduation gift that willl explode the member's credit worthiness)

                  Another bonus to our product is the fact that each college student is solely responsible for their rent and not roomate(s)!

                  The lucrative business model and marketing plan will blow your mind away. Every professor and Dean that i've spoken with wasn't too impressed at first, but after reviewing my business plan they were very excited, but it took over 2 years to develop - We all know you can't wake up and start a business that day, it takes alot of patience and dedication.

                  Sorry i couldn't give too much detail - if you're serious we can set up a meeting. I'm willing to travel for serious meeting.

                  Charleston, SC