Seven Years. That’s the period of time an unlucky college student can become stuck with an ugly and costly scar on their credit report that will follow them into the job market.
Many employers are beginning to check your credit history even before an interview is scheduled. A good credit history shows that this individual is most likely a responsible person, such as a bad credit history suggests the opposite.
Many deem credit to be a two sided phenomenon. On one side, a incredibly helpful and integral part of a person?s ability to live, and on the other side, a risky and misleading manner in which a person can ruin their standing with any financial institution that runs the world. Although both of these statements are a tad exaggerated, they are very true. Credit is what you make it and no more. Credit was created to HELP and not ruin anyone?s life. There are several things you can do to make sure credit stays at your advantage and you don?t become a debt bearing statistic.
Many college students choose college credit cards for a variety of reasons. Is it because their parents had them? Does it make them feel more responsible? Do they feel like college is the time to learn about credit and what it can do for them? These are all very possible reasons that an average student will choose a credit card to help them during college to pay for things they need.
In reality, almost every American has a credit card of some sort. It is imperative for college students to learn that credit is not a term that equates to free money. As a credit card holder you have several responsibilities to your parents, yourself, and to your future.
* Before applying for ANY credit card, shop around and compare. You will find much better interest rates and cards with lower fees if you do so much as five minutes of research online.
* Don?t let trendy looking cards with rewards to places like Starbucks and American Airlines fool you into opting for them. Sure, you might earn a few café lattes and a blueberry muffin, but that value is completely blown out of proportion when you are accumulating 20% interest for a pair of jeans you bought six months ago now costing over 100 dollars. HOWEVER?many great credit cards have rewards and this in no way means an excellent credit card has a reward program. If you can spend money wisely and earn rewards at the same time you are increasing your buying power.
* Treat your credit card as you would your checking or savings account. Many college students will find it much easier to keep their purchases under control by taking the time to understand that credit is a whole lot cheaper when you can pay off your bill every month and not accumulate interest.
As cliché as it sounds, try not be rushed into credit card applications and compare before applying. There are several websites on the web that can help you decide which card is right for you. Most websites are extremely straight-forward and will even list the pros/cons of each card for you. Many college students with debt problems had their ordeal start for a free water bottle or t-shirt as an incentive to apply. Yet just reading this article shows some effort on your part to take an active and informed approach to your credit history.
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