Answers
Assume I'm 20 and have never had a student or car loan OR a credit card. What do I need to do to establish credit?
Is it true that having a credit card that you pay in full every month is equivalent to having no credit?
if you have a cell phone in your name... that helps to establish credit. just always pay your bill on time
www.preapprovedcreditcards.com -- Building your credit history is easy with a student credit card. This video explains how to obtain and what to ...
I am planning on getting a student credit card before i go to school in the fall and I cannon decide which would be the best for me. I have it narrowed down to 3 cards...
1. Citi mtvU Platinum Visa for College students
2. Citi Forward Student Card
3. Discover Student Card
Please help me decide
I Totally denounce the anti-credit card for college kids. A checking account will not sufficiently boost credit. While budgeting is great, I recommend mint.com.
IF you are wise and use the card for only things like REAL needs, e.g. gas, food, etc., you can get a ticket on the capitalism bus early.
Some rules:
Low Rates, Rewards, NO ANNUAL FEE!
Pay IN FULL every month from your checking and/or savings account. The web makes it SO easy to manage money/pay bills.
Do not exceed 35-40% of available credit for more than one billing cycle preferably never.
If you can do that with one, then apply for three and NEVER EVER close them. That shows a lengthy credit history.
DO NOT fall for retail % discount gimmicks. EVERY time you aplly for a credit card, your FICO score goes down.
I'm a college student with no credit but I want to get a credit card. What are some of the best credit cards for students? I'm planning to make small purchases and paying them off the next month to build credit. What other ways can I build my credit?
If you have a parent that will put you on their credit card and have a card issued in your name, that is the best way to build your credit. You know they will pay their bill on time and they can give you a spending limit.
But, here is a great link http://www.creditcardguide.com/student_c ards.html to find student credit cards. Good luck!
Everybody told me I'd get accepted for American Express Blue for Students because they LOVE to give cards to ANYONE, but I was rejected. I have no credit. What are some other student cards that might accept me? If I get rejected for one card, does that mean the rest will reject me too?
You can find a complete list of 'student' credit cards here:
http://www.asapcreditcard.com/student-ca rds.html
It's possible that you could get denied again. But to be honest, American Express has the strictest approval guidelines of all major credit card issuers. So it doesn't surprise me that you were denied. You might try Chase. They have very high approval rates.
Hope this helps. GOOD LUCK!
I am a college student trying to build my credit history. While shopping for credit cards, I notice that banks offer student credit cards for college students. Should I go with the student cards or with the regular credit cards? Is there a difference? I saw that some of them have a higher APR than the regular ones. Since this will be my FIRST credit, I may not have enough credit history.
Without a strong credit history it will probably be easier to get the student card although most likely it will have a higher APR and fees. You should base your desicion more on the APR because it can really vary from card to card. If you dont plan on carrying a balance (which is the smartest thing) the APR may not matter as much. Also check if there are annual fees and what happens when you make a late payment. A lot of cards can almost double the interest for one late payment so be cautious! Remember that it's borrowed money not free money. Once you get some history and keep it in good standing you will be able to get better cards so just keep one or two until then.
Buy Cheap
My Hundred Dollar Pack of Gum
Let me just start off by saying I was a few fries short of a happy meal back in my college days. I stayed up way too late and drank entirely too much. Needless to say clarity of thought was not my ally during those hazy days. That said, I’m sure you’re wondering how on earth someone could wind up paying more than a hundred bucks for a pack of gum. Well, lets follow the bouncing ball on its enchanted path to overdraft charges.
That particular Friday started off innocent enough as I recall. I woke up at noon, took a quick shower, grabbed a bite, and began my day. I then decided to skip my two o’clock Statistics class. I know I shouldn’t have skipped class but probability theory and standard deviations just weren’t doing it for me. In hind sight getting my butt to class would have saved me a lot of money. Anyway, after I made the executive decision to skip class I headed to the gas station. I realized on my way that I didn’t have any cash on me, but that wasn’t a big deal because I had my debit card. I knew my checking account balance was fairly low however. I was thinking my balance was around $20 bucks. This was my first mistake. All I had to do was call and confirm my actual balance, but I was too lazy.
...News
Fewer Students Sign Up for Credit CardsBusiness Insider - Jul 22, 2011
Forbes (blog)Additionally, the number of student credit card accounts that were opened as a result of this spending dropped by 13% (55747 in 2009 vs. 46360 in 2010). This is a clear sign the CARD Act is actually working. It's tougher to get a credit card if you're Seven smart ways for students to build creditCurrent Student Credit Card Rates And Options For Cardholders In College To OnlineCreditCardApplications.com Now Offers 54 Online Credit Card Applicationsall 24 news articles »
USA Today - Jul 22, 2011
ABC NewsCredit score is free if you're rejected for loanYour credit score determines the interest rate you pay for a credit card, car loan, private student loan or a home mortgage. A low score could prevent you from getting a loan at all. But for years, this important number has Debt in America: Consumers Paying off Credit CardsLenders Must Reveal Reasons for RejectionNew federal rules that go into effect today require banks to tell rejected -all 81 news articles »
Fox Business - Jul 21, 2011
I am a 24-year-old graduate student with no credit history and no student loans. However, I have applied for a credit card two times with Chase and have been rejected both times. I thought that I didn't need a credit card,but I am and more »New York Times - Jul 22, 2011
When One Child's Illness Is Worth Less Than Another'sIn the past couple of years, Sallie Mae has been trying to deepen its financial ties with customers, adding an online bank and a credit card. And earlier this month, it added a curious product known as tuition refund insurance, which can make you whole and more »Boston Globe - Jul 22, 2011
Denied credit? Under new law, you're entitled to a free copy of your FICO scoreLenders that use traditional FICO scores, such as student-loan companies and credit-card issuers, must supply scores, Ulzheimer said. The FICO score is used by 90 of the 100 largest US financial institutions, according to FICO's website. and more »ConsumerReports.org - Jul 21, 2011
New York Times (blog)I found #408999 on the Web site of the new Bureau, aka the CFPB, which officially opened its doors today with the mandate of serving the needs of consumers of credit cards, car loans, student loans, mortgages, and numerous other financial products. Will This Change Everything -- Again?Consumers hold high hopes for new bureauAgency launches as lawmakers debate funding, powers - -all 474 news articles »
CBS MoneyWatch.com (blog) - Jul 21, 2011
Debt in America: Most & Least Indebted StatesCredit Karma's debt data, based on the actual debt obligations held by some 300000 consumers who use the company's site, breaks down the average amounts that residents in each state borrow via credit cards, mortgages, auto and student loans. and more »
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