I’m a student in college and I get credit card applications like candy?
February 19th, 2009
I have about four now, but I’ve been very smart with them. I’ve had them for almost a year now, and I always make payments on time (I also try to charge everything to some credit card since I have no APR on them). Is it true that credit cards help a ton in establishing credit and will they raise my score a lot or am I wasting my time? I’m just curious. –Thanks
I always charge like $100 or so to them a week, and than pay that off the following week.. is it bad that i usually always have a balance, but im always paying that balance off fast? would it be better to keep a $0 balance more often? –thanks
Wow, swg4fnc, tell me again how you are a douchebag?If you had been smart enough to read my details, I pay them off immediately. Maybe having four isn’t smart, but I’m glad I’m not a ***** like you.
I always charge like $100 or so to them a week, and than pay that off the following week.. is it bad that i usually always have a balance, but im always paying that balance off fast? would it be better to keep a $0 balance more often? –thanks
Wow, swg4fnc, tell me again how you are a douchebag?If you had been smart enough to read my details, I pay them off immediately. Maybe having four isn’t smart, but I’m glad I’m not a ***** like you.
you’re right. the more, the merrier. the more timely payments you make, the more they ar ereported to the credit bureau
They will only raise your score if you pay them off every month or keep a low balance. If you max them out or keep a high balance, it won’t help much if at all. Paying them off every month is the best way to raise your credit score.
Yes, they will raise your credit score. They will only do it so long as you miss no payments, and make more than the minimum payment. You will get more offers as your credit goes up. But be warned, read your contracts, after a certain amount of time you will have an APR on some cards and they will charge you more interest. I don’t know lots about cards, but BE CAREFUL.. I’m a college student too, and I know that after college, you will have loan payments too, so don’t spend lots now. Debit cards work better – you can only spend the money you have AND they raise your credit score (don’t ask me how that one works). The college I attend give us our reimbursements back on a debit card, so it helps us build our credit on money that is basically not ours. (Student loans from the gov’t)
Straight up, don’t get into this racket. Hope you don’t have any student loans. Yeah, credit is great, especially if you have a ‘rewards points’ card, and pay it off IN FULL, EVERY MONTH. Don’t ever get into the ‘minimum payment’ game. It takes a long time to get out. Save for the things that you want, or sell other things, and you’ll be fine.
The two big loans in your life are for a car and a house. Yeah, a good credit record helps, but so does a good job with a good income. If you are responsible enough to pay your balance in full, stick with one card, or do like I do and apply for a card long enough to get their promotion, pay it off, then cancel the card.
Any debt *****. Stay away from that game, and sleep well at night. Trust me, you’ll be miles ahead, fronting your IRA every year, while everybody else lives paycheck to paycheck.
Seems like you’re doing a good job of managing your credit card although you don’t need a lot of cards to establish credit nor do you have to pay the full balance off to get good ratings. As long as you make the minimum amount you’re good to go. A lot of people don’t know everytime you apply for credit your score goes down so don’t apply to the crappy ones the ones with high interest and fees and minimum limits.
Credit cards is like a money hole.if your not carefull you will be paying it for 18 years trying to
get it paid off.To keep a good rating on your
credit history is going to be hard. You cain’t win in the end.They count on you using it till you graduate.
First of all, just have one card. The more cards you have, the lower your credit score. When you receive a statement, pay the ENTIRE BALANCE off. Treat your credit card like a debit card, or better yet, get a debit card with points.
PS — it’s good to get a credit card now, rather than later when you’ve graduated because credit card companies figure they can go after your parents if you don’t pay. But of course you would never do that to them…
Just to un-complicate your life a little… you only need to be using one of your cards. You don’t have to charge something to each one every month. Keep a $0 balance on 3 of them.
Also, don’t get any more cards – 4 is plenty. Each time you get new credit, it dings your score a bit.
One of the problems with using credit cards a lot is you tend to spend more money when you swipe. It just doesn’t feel real. If you just use your card for groceries or gas each month, that will be enough. Continue to pay it off each month. Even after your 0% interest rate expires, you still won’t owe finance charges if you pay your balance off.
You get applications like candy because they cc companies see that you’re a good risk so far. Part of a good credit score is determined by having plenty of money available to borrow and not using it. In time, you’ll notice your credit limit start to creep up on the cards you have.
If you have 4 credit cards… you haven’t been smart.
Establishing credit takes time. One, maybe two cards is plenty.
Don’t be a sucker. The credit card companies know that young people are clueless when it comes to money, that’s why they bombard students with applications. Easy pickin’s.
It is excellent that you pay them off every month….oops you said you just made the payment on time …tell me again how you’re smart?
Don’t obsess with the I love debt score. You have to borrow money and make payments on time to get a high score. You have to keep borrowing money and keep making payments on time to keep a high score. All you get for your trouble is debt.
Pay as you go and live on less than you make and you will have money.
Debt free is the way to be!
You should pay them off in full each month since they are probably charging you 18% interest. Every time you charge $100 to a card that has a balance to it, it’s like paying $118 for the same thing. Be smart and don’t fall for the trap.