: Tips for College Students getting their first Credit Cards
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(492 Words)
It is an exciting time when college students get their first credit cards. It is absolutely vital that students know how to use them responsibly, however. They should adhere to the following tips with these powerful tools.
Do not get every credit card you are offered
You might be very flattered upon getting that first credit card offer. And then the next one comes and the next. Some college students may be so excited about all of this that they just apply for every one they can get. This is a mistake. First of all, there is no reason to fill your wallet with credit cards that you have no use for. They will just be an added hassle if your wallet gets stolen or if the numbers get compromised. Also, having too much credit out can damage your credit score. At a time when you are trying to build it, this doesn’t make sense. You should think about what the credit limits are and what you truly need. Of course one makes sense and some might like a second for a backup if something goes wrong with the first but many multiple accounts are unnecessary and detrimental.
Stay out of debt
Just because you have a credit card with a $5000 limit does not mean that you now have $5000 cash to go out and buy every non-essential item that you want. When you go into debt it can be very difficult to climb out especially if you do not have an income as many college students do not. You might be used to the very low interest college loans but this is a far different animal. If you need to start paying interest then this can be very expensive. It can also negatively affect your credit and you do not want that happening when you are so young and before you may make some major purchases like a car, house, etc.
Keep careful track of your purchases
Unfortunately, credit card fraud is all too common. You should always check the charges that show up to make sure that they are correct. If you see an unexpected charge then call the credit card company immediately.
Pay your bill on time
You might be used to teachers letting you hand in work a little late. Credit card companies don’t really like that, and your credit can be affected. Pay on time to avoid negative credit issues and interest charges.
Keep your numbers safe
Keep your credit cards in a safe location at all times. Sometimes people come in and out of dorm rooms, and you want your number to remain yours. Do not share it with others unless you trust them implicitly and even then only for a very good reason.
Credit cards can be very useful for college students but they can also lead to disaster if the student is not responsible. The above tips may aid in their proper usage.
Updated On: 09/10/2010 Published On: 09/10/2010 Article ViewerClose
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