Students and Credit Cards
by admin on 05/06/08 at 12:16 pm
You’ve finally done it, you reached the age of eighteen and it’s time for the fun game of life and the start of adulthood. Now, the question that first comes to mind is “How Am I supposed to start building credit for myself?” While most people think that this is an impossible question to answer, it really isn’t and I’ll explain why to you right now.
If you’re new to the credit game and you’re at least eighteen years old, you’re already in a perfect boat to start your credit history. The only other requirement is that you’re in college. If you’re currently in college and you have no credit history, you’re perfect for the credit card companies. Why you might ask? It’s simple, the card companies offer something called student credit cards.
A student credit card is very similar to a regular credit card but instead it has higher rates and generally has a lower credit limit. The reason that you’re limit will be so low is that you have to establish yourself in the credit market. Once you prove to the companies that you can pay your bill off in time, you’re limit will slowly rise. Also, don’t forget that if you pay your bill off in full, you can avoid your interest rates altogether.
I’m sure by now you have a clear understanding of what a student credit card is. If you’re in college, you’re young, and you have no credit, what are you waiting for? Do a quick search and make sure you do your research before you apply for the first one. Once you get your card, make sure you spend responsibly and being your credit future the right way.
