Mastercard Student Line Of Credit

Hi all, I have VISA student credit card that I had since my sophmore year in college which is 7 years ago. They started me out with $500 initially and now my credit line slowly increased over the years to $8500. I dont have a balance on it as i only charge my $35 monthly gym membership on it and pay off when bill comes.
I have another Credit card which is another VISA but it is a platinum with $20,000 credit line with $800 a balance. I only have 2 credit cards and they both are VISA, Im thinking about applying for a Master Card and cancel my VISA Student credit card. Will canceling the student credit card hurt me or not canceling it will help my credit as I ahve had this card for 7 years and NEVER once late payment. My credit score is 776 and I'm just trying to do my best to keep it in good shape. Please let me know if I should keep the Student Credit Card or Cancel Iit. Thanks for all your advice in advance.

PS: i heard it is good to have a Visa and a MasterCard for your credit?

Whatever you do, DON'T cancel the card. It will automatically drop your credit history. Some say it's okay, but it isn't.
What happens is it "un-ages" your history file. Since you never had a late payment, you always want that on your file.
Most people should have 2-3 cards. One with a high limit for emergencies and business expenses on trips. One with a low limit for normal monthly expenditures which they pay off easily every month. And a third for whatever they deem appropriate as long as they can manage it in a responsible way.
From what you've said, you have no problem with the responsibility, so don't ruin a perfectly good credit rating by killing your history, which is what creditors look at more than anything else.

2007-02-26 14:36:40 by PPC

Credit Cards,Gift Cards,Loans,Banking,Insurance Browse,Compare And Apply For Your Visa Or MasterCard Credit Card and Also All Types Of LOANS With ...

OK, I am almost maxed out on my student line of credit and my mastercard, but I need about $1000 more in the next two weeks in order to pay my tuition. Is it possible to get them to raise my credit for that one transaction? I also had Visa lose a check of mine for a credit card payment for three months meaning that I didn't pay them for that because I thought it was taken care of. I have also recently been turned down for a Sears Mastercard 'rapid credit' which is done at the tills.... anyone have any idea what I can do to get that extra bit? I can have it paid off in a month!
Is it possible to increase the credit within a few days or have I waited too long?

If you have been late on payments or your debt to income ratio is high, they might decline your credit increase. It doesn't hurt to ask though. Good luck!

2008-02-26 00:20:25 by hidden_magick

I have good credit and I was looking for a creidit card with a bigger credit line. My current card is a Chase Mastercard with a credit limit of $500. I'm never late on payments and keep a small balance. I was just wanting one with a bigger credit line and possibly some benefits? I dont want an annual fee or activation fee though.

A couple of the better student rewards credit cards (without annual fees) are the Citi mtvU card and the Citi Driver's Edge for Students card. Those cards are good for very different spending profiles though. Driver's Edge is good for a spending profile heavy in gas, grocery, and drug stores. The mtvU card is better for a spending profile heavy in restaurants and entertainment.

You can use this rewards calculator to see which student rewards card will pay you the most for your normal spending:
http://www.creditcardtuneup.com/?card_ty pe=College+Student

2007-08-25 09:31:40 by Bamagirl2010

I applied for a credit card online and got it in the mail today. I'm in college right now. The only reason I want a credit card is to build a credit score (or for an emergency). I usually pay my tuition/books/gas/etc. with my Mastercard Debit Card. Now that I have this credit card ( I havent activated it or anything yet) I have tons of questions, since I know nothing about credit cards, so here it goes...

1. Since my main reason for it is to build a credit score, how much should put on it a month?
2. Is it better to pay the minimum amount due, or the whole thing a month?
3. How to I make a bill payment? I don't have any checks-do I need those to make a payment? Can I do it online? Can I make a payment using my debit card?
4. It says the credit line is $600-does this mean thats the minimum amount I can put on it a month?
5. Not sure what my interest rate is. What should I know about interest rates?

Anything else you think I should know, please tell me because I'm kind of in the dark. I'm afraid to ask my dad anything, because he just yells at me. I just don't want to activate it until I know what's going on.

Thanks in advance.
I didn't ask your opinion about whether I should activate it or not.

Hey Sarah,

I'll give it to you straight forward. I HATE when people tell you to not use a credit card. These are the same people who don't know how to use one properly.

Here's your answers --

1. Since my main reason for it is to build a credit score, how much should put on it a month?

Building credit takes time. When I first started, I just put about $25-50/month on the card. Make sure you pay it back in full and never miss a payment. Your credit score will slowly rise :)


2. Is it better to pay the minimum amount due, or the whole thing a month?

It's always better to pay the whole thing, if you don't, you're going to pay interest rates. Pay in full, you don' t have to pay any interest rates.

3. How to I make a bill payment? I don't have any checks-do I need those to make a payment? Can I do it online? Can I make a payment using my debit card?

There are a few ways you can pay. You can either pay directly on your account online. You can link your checking/savings account to your account and they can simply withdrawl their cash. You can use what I do and pay via billpay.

4. It says the credit line is $600-does this mean thats the minimum amount I can put on it a month?

That's the maximum amount you can put on your card. Don't go over this per month or you'll pay a over limit fee. Just spend what you can afford.

5. Not sure what my interest rate is. What should I know about interest rates?

An interest rate is going to applied to the balance you don't pay off. Let's say your bill is $50 and you only pay $25, the interest rate will be charged onto the $25. If you pay in full all the time, you won't have to worry about this.

Good luck with your first card, they really do have a lot of rewards. Just spend what you can afford and do it on time :)

2008-09-14 18:38:59 by Sarah