Building Credit for Students

Have you completed your list of resolutions for the New Year? Have you included resolutions to improve your personal finances? Consider the following tips on how you can establish and maintain good credit as a college student.

1. Look for the right student credit card. If you have not yet applied for a student credit card, consider getting one in the year 2012. However, you need to make sure that the card you choose is right for your needs and lifestyle. Don’t forget to check the interest rate as well as the rest of the fees associated with the card. Choose a student credit card that reports to the three major credit bureaus to make sure that you can establish credit history. (more…)

It’s holidays once again! For businesses and consumers alike, this is the busiest time of the year. If you’re a student, are you prepared for the holiday spending challenge? More importantly, do you know how you can protect yourself from bad debt, especially if you are a credit card owner? Consider the following tips:

1. Protect yourself against identity theft. It’s important to keep a close eye on your credit card when shopping from a store location. Skimming has become prevalent these days and “skimming devices” are small enough to be hidden in the palm of the hand. A skimming device can read and copy credit card information in matter of seconds. (more…)

As shoppers gear up, ready to spend more in preparation for Christmas and New Year, many credit card companies offer special deals such as rewards or 0% introductory APR. Even students are more likely to increase their credit card spending during the holiday season.

If you’re a student, should you get a 0% APR card? How can you make the most of a credit card that offers 0% introductory rate? How can you use it to your advantage and avoid the risk of bad debt? In this article, let’s answer these questions one at a time:

Should You Apply for a 0% APR Student Credit Card?

Students are advised to be very careful when acquiring credit cards. Remember, managing multiple accounts will prove to be a bigger challenge. Having too many credit cards will only encourage spending and if you run up balances on each card, repayment can be a burden. Not being able to pay off your credit card balances in full can lead to debt build-up and bad credit. Ideally, one or two credit cards for students should be sufficient to build good credit so if you already a card with a reasonable rate, acquiring a new credit card may not be necessary. (more…)

Are you planning to apply for your own student credit card before the year ends? If you do not own a credit card yet, acquiring your first card can be exciting. However, avoid making the wrong credit card choice just because you’re in a hurry to get one. Consider the following pointers before signing up that student credit card application.

Look for a student credit card that fits your lifestyle. Credit cards for students can be arranged in various categories.

For instance, some student credit card offer 0% introductory balance transfer rate while others offer different reward programs. Evaluate your personal spending and lifestyle and look for a card with features and services that match your needs. (more…)

Another year is about to be over and the New Year is fast approaching. Are you ready to start building good credit at the star of the New Year? On this post, let us enumerate the specific steps that you can do to build good credit:

Get a student credit card. If you are below 21 years old, the Credit CARD Act requires you to have a co-signer unless you can provide proof of your personal income. Your parent or guardian

is the best candidate to co-sign your account. Of course, a co-signer must have a good credit history and score.

Choose a student credit card with features that complement your needs and lifestyle. Some student credit cards offer reward programs that are (more…)

The year is about to end once again. Have you made your financial resolutions for the New Year? If you’re a student, it’s never too late to begin. Consider the following resolutions that you can work on to avoid bad credit and keep your personal finance in great shape.

Pay off your credit card before the year ends. Do you still have remaining balances? If so, do your best to pay off your credit card debt completely.

Avoid holiday debt. It would be great to start the year without unpaid debts. If you’re planning to use your student credit card to buy Christmas gifts, see to it that you will be able to pay back your balance in full and on time. (more…)

Many young people enjoy shopping especially when preparing for the holidays. If you’re a student, how can you survive the holidays without getting stuck in holiday debt? Consider these Christmas shopping tips:

Make a gift list. Who are you planning to give presents to for Christmas? Don’t feel bad if you can’t give gifts to everyone you know. You can still show the spirit of generosity and love in many ways aside from giving material things.

Set a budget for each person. For each person on your list, decide how much you are willing to spend before looking for the perfect gift. Consider the person’s interests and passion before buying a gift. Remember, a gift doesn’t need to be expensive in order to be special. (more…)

If you own a student credit card, use the following tips as your guide on how to spend smarter this holiday season and avoid post-holiday headache brought about by bad debt.

Watch out for store cards. Many retail shops offer exclusive discounts during the holiday season to encourage customers to sign up for a store card. While the opportunity to save 10% to 20% on purchases can be tempting, but if you’re just going to get one to buy things for Christmas, forget about getting a store card. Having a store card in your wallet will only tempt you to overspend and the penalty fees are known to be steep. (more…)