Student Credit Cards – an Odd Contradiction

While credit card companies are taking steps to reduce lending and are cutting credit limits on some of their best customers, it appears that they are still wooing students and encouraging them to create new credit card accounts.

Some states have become so alarmed over the growing debt incurred by students that they are pushing legislation to crack down on card issuers targeting students.

Texas, California, New York and Oklahoma have already passed laws restricting or regulating the marketing of credit cards on college campuses.

In Illinois, pending legislation would ban free gifts with credit card offers on college campuses and prohibit the selling of student information from colleges to credit card lenders. It would also require financial literacy education for freshmen students at schools that allow credit card marketing.

Lawmakers are concerned that aggressive and often predatory practices by credit card companies are targeting students with little financial sophistication – and plunge them into debt that will be difficult to repay.

In 2008 the U.S. Public Interest research Group completed a study at 40 college campuses. They learned that 25% of students had paid a credit card late fee, 15% had paid an over-limit fee, and 6% had already had one or more credit cards cancelled for nonpayment. This event, of course, puts a 7-year black mark on the student's credit report, making it difficult for them to obtain needed credit after graduation.

Along with offering free gifts for making application, some credit card issuers are promoting rewards cards geared specifically to youth. The rewards include travel, cash back on bookstore purchases, and merchandise rewards such as CD's, videos, and movie tickets.

While this attempt at a crackdown is taking place, lawmakers are also taking notice of the need for financial literacy among younger students. Legislation is pending in various states to require financial education in high schools. In Virginia, it has been law since 2006.

The President's Advisory council on Financial Literacy was created by President Bush in January 2008. As a result of testing conducted last year, it recommends requiring schools to teach financial education in grades K-12, and requiring college students to take a financial literacy course in order to receive federal student loans.

The Council also recommended tax incentives for employers who teach workers about money management, creation of a federal financial literacy website, and making a debit-card-accessible bank account available to every adult American.

The goal of these recommendations is a future generation and a current population armed with sound money management skills to make good decisions for themselves and their families.

Author:Marte Cliffe

CreditScoreQuick.com your resource for free credit reports, credit cards, loans, and free credit repair advice.

Why secured credit cards will help you.

Secured credit cards can be the quickest road to establishing credit or repairing your credit report. With the current economic meltdown in our financial sector there will be more and more families plagued with bad credit due to financial strain. Once this recession that no one wants to admit we are in is over; everyone that has suffered credit wise will start the credit rebuilding process. It will be hard for most to get un-secured credit cards so they will have to get secured credit cards to rebuild. In this article I wanted to discuss how secured credit cards will benefit you.

What is a secured credit card?
A secured credit card is a credit card that requires a deposit from you in a account of the credit card companies choice to secure the card. The cost to you is typically between $200.00 and $300.00. Once you deposit this money in the account the credit card company will report this card to all 3 credit bureaus as good credit. You want to make sure you keep your credit card balance around 30% or less of the secured credit amount.

Who should get a secured credit card?
Here are the individuals that should apply for a secured credit card
• Foreign Nationals
• Individuals with bad credit
• Young adults starting the credit building process
• Students or apply for a student credit card.
• Or anyone that has not built credit at all.

Secure credit cards are the quickest way to get your credit established. Depending on your circumstances, if you have decent credit scores you may go ahead and apply for a un-secured credit card. With the way the credit scoring process currently works you will need to have at least a couple credit cards reporting in your name to all 3 credit bureaus. Secured credit cards are a great way to start the credit building process. We recommend the Orchard Bank Credit Card, which has reasonable fees to get there card.

CreditScoreQuick.com your resource for free credit reports, credit cards, loans, and free credit repair advice.

Top 10 ways for students to build good credit scores.

One of the greatest things about our country is the ability to become financially independent, but learning how to do this can be challenging. Building good credit is a must; it will help you qualify for loans, rental, car insurance, cell phone plans, and credit cards. The first step is to be responsible with your spending habits.

In this article we wanted to give you some tips on building good credit so you can get off to a excellent start on this credit score building journey.

1. Get a secured credit card or student credit card. When you are new to the credit application process it will be hard to get a credit card. Typically banks will not extend credit to you without some good credit history. This can be very aggravating. So secured credit cards and student credit cards are great ways to start the building credit process.

2. Become an authorized user on your parent’s credit cards. Until recently FICO considered this a controversial practice and they have decided to continue allowing also know as piggy backing somebody else’s credit to help your credit. This is a great way for parents to monitor there kids spending habits while at college. Once they are doing well with this process then you might consider applying for a student credit cards or maybe a retail credit card with a low spending limit.

3. Use credit cards conservatively. When spending on your credit cards make sure you can pay what you charged on your credit card off that month. If you start to wrack up credit card debt you will drop your credit scores. So make sure you only charge on your credit card what you are able to pay off that month.

4. Select the right credit card for you. Once you have established some credit on your own, make sure you do some research on the credit card you are applying for. Not all credit card offers are the same. Some credit cards have yearly fees and some don’t. Some credit cards may have other perks that might be beneficial for your situation.

5. Use credit card for emergencies. Some financial experts recommend that you use your credit card only for emergencies when first starting out with credit. Using your new credit card is part of the credit score building process, but make sure at first you are real careful in regards to your charging habits. You might consider using your new credit card for situation where you need new tire or a cell phone goes south on you. Once you are custom to a credit card payment than at that point charge a little here and there on it.

6. Get a cell phone in your own name. When you are building credit you want to establish as much credit as possible in your own name. Sometimes creditors will not allow you to get a cell phone in your own name without a big deposit, but getting a cell phone in your own name builds good credit.

7. Don’t apply for several credit cards at one time. Once you have credit cards in your own name don’t go hog wild with applying for a bunch of credit. You really only need a couple of credit cards, that is it. Student really only need one credit card to start out with.

8. Pay all your bills on-time. This is one of those common mistakes youngsters make when first starting out. If you are late on anything it will affect your credit. Make sure you don’t pay anything late. Even your internet bill could affect your credit if not paid.

9. Use your student loans for education expenses only. Student loans are a great way to establish good credit. They are also a way to ruin your credit. So when you get a student loan make sure you pay it on-time and use that money for educational purposes only. Once you are done with your education, consolidate those loans into one small payment.

10. Paying down credit card balances. If for some reason your credit card balances get high during your time in school, make every effort to pay down your balances. You should never have credit card debt higher than 30% of your allowed credit limit.


If you are not sure where you stand with your credit it would not hurt to pull a recent copy of your free credit report today. A educated student saves in the long run.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

How old should you be before getting credit cards?

Surely our credit card companies have learned from extending credit to people in general. Extending credit to adults vs. extending credit to kids is there any difference? I would assume with the way credit reports look these days, there is not much difference. Adults are failing to pay back credit card debt just like our youngsters. Is it because of a lack of education, have we failed in this area? Once you get a credit card whether you are a young adult or older should you charge a vacation on it? Is it ok to buy a TV, stereo, and furniture if they are offering 12 months no payments and no interest on credit? These are some questions being asked everywhere. I think the banking industry missed something by offering got ahead and get now and pay later. If you are young and have not been taught about credit cards you can get in trouble with all these sales pitches real quick.

If you are on your way to college, and get offered student credit cards should you accept them? I personally believe that you need to start building your credit once you hit 17. That does not mean you get full access to your credit cards. Parents need to teach there kids about proper credit card management. If you go out and charge something on your credit cards you need to be prepared to pay it off that month, no exceptions. If you charge something on your credit cards and can’t pay it off that month you are living beyond your means.

With all the changes in how Fair Isaac calculates credit scores now, if you are young and just starting out there are two ways to establish credit.
· Secured Credit Cards
· Student Credit Cards

If you decide to go to college it will be pretty easy to get a student credit card. This is a great way to start the credit building process on your own. If you are not going to college, then secured credit cards is the other option. Secured Credit Cards do require a deposit from you, but it will get the credit building process going for you. Once you have a good 12 month payment history you will start getting all kinds of pre-approved credit card offers. Remember this and don’t forget, “Don’t charge more on your credit card than you can afford to pay off that same month.” If you spend carelessly on your credit cards you will find yourself in debt real quick and debt is like a dark cloud hanging over your head.

I personally believe there needs to be a credit education course in our schools now, to better educate everyone about the consequences of mismanagement of money. Id you don’t learn how to manage your money properly you will find your self either filing bankruptcy or debt consolidation at a early age. These types of situations will ruin your credit reports and credit scores.

Having credit is a fact of life and everyone needs to be aware of the affects of credit card debt.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Credit Reports in other countries don’t transfer to the U.S.

If you are getting ready to move to the United States and will need a loan, you will have trouble. Let’s assume you live in the Canada and have good credit there, that credit is not transferable to the United States. The credit report building process will start all over. Coming to the United States is a dream for most, but once you get here you will need to rebuild your credit all over again. The reason for this is the U.S. is not synched up with other international credit report systems. Not having credit is tough and costly. Here are the steps so you can get the rebuilding of credit in place.

Immigrants studying here
If you are here in the U.S. and are attending college you can apply for a student credit card. Students with no credit are able to get credit easier than someone with no credit that is not is college.

Secured Credit Cards
Secured credit cards are credit cards that you secure with your own money. They usually will require around $300 put into the bank of there choice. The reason this is a good way to build credit is once you make a deposit required by the bank, the credit starts reporting to all 3 of the United States Credit Bureaus. This really is the only way to establish credit without any credit at all.

How long it takes to get credit
Once you have got a couple of credit cards after 6 months of report to the credit bureaus you will establish credit scores. At that point you should start getting other credit offers.

Check your credit
As you are moving along with this entire process make sure you pull your credit reports with scores to see your progress. You should pull your credit report every 4 to 5 months.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

How immigrants can build credit

If you are new to the United States because you just arrived from another country, welcome. In this article I wanted to discuss how you can establish credit as a new citizen of the United States. People from all over the world come to the US to pursue the American dream. Some come here to study and then go back to their country. What every your situation is, as long as you have a social security number I can help you establish credit scores. When arriving to America the first thing you need to do is get your credit established. Here are tips to get this going.

Rental & Utilities
I would hope by now you have a job, so you can show someone that you are paying some sort of rent. Rental is part of the credit building process. Credit Card companies and banks want to see that you are paying rent to someone. This also allows you to get your utilities in your name. Paying your light bill, electric bill, and phone bills are part of the credit building process. Make sure you pay all these bills on-time.

Work History
Make sure you have work history. Obviously if you are applying for some type of credit the creditor wants to see that you are working to pay back any debt owed.

Open a checking account
Having a checking account is a standard question on loan applications. This shows the creditor you might be responsible with you money.

Open a savings account
Having a savings account shows that you have the ability to save incase a emergency should arrive. Most creditors like to see this in place.

Apply for a secured credit card
There is no quicker way to establish credit scores than with a secured credit card. These types of cards require a deposit by you in designated account by the card issuer. Typically the balanced required by you is anywhere between $250 and $350. Once you have secured a credit card, this begins the credit building process on your credit report. Typically I recommend 2 cards to get the credit score building process underway.

Student Credit Cards
If you are here studying you should apply for a student credit card also. This card is much easier to get if you are in college. This card does not require a deposit, but is considered a sub-prime card with higher interest rates. This card is a great way to get your credit established as well.

After six months of paying on a couple credit cards with no late payments you will be scored on your credit report. You might also consider getting a small car loan as well. The credit scoring process likes to see a mix of credit reporting on your credit report. This process mentioned will get your credit underway fairly quickly. Remember to be responsible with your new credit and never be late on anything.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Build your credit with a student credit card

If you are in college, and like most college students you need credit to build a credit score. Since you can no longer piggy back mom and dad’s good credit, you have to find alternatives. Student credit cards are a great way to start establishing credit, and also a great way to pay for those items you don’t have the cash for, like books, emergencies, etc…. If you are a student in college, there are banks willing to extend credit to you.

Student Credit Cards
If you need get credit go ahead and get two student credit cards. It helps to have more than one line of credit on your credit report. Lenders like to see at least 3 lines of credit reporting on your credit report for 12 months. Also FICO score like to see a mix of credit. So after six months of good credit history with your new student credit cards, go ahead and apply for a car loan. Car loans are actually easier to get than some credit cards. Now getting a car loan is only if you need a car of course. But the whole point here is to have 3 trade lines with a mix of credit.

Secured Credit Cards
If for some reason you cannot get a student credit card, you can apply for a secured credit card. This is a card typically for people with bad credit or no credit. The card requires a deposit in a account of the banks choice. This deposit is usually between $200 and $300 dollars to secure a card. This is a alternative if not approved for a student card.

Sub-Prime Credit Cards
Sub-Prime credit cards are cards for people with low credit scores. The rates and terms are ugly, but is a way to establish good credit without the deposit. This type of credit is un-secured. So usually they will extend $200 to $300 line of credit to you. Once with a good history, they will increase your credit limit.

Being responsible with your new credit is very important, the last thing you want to do is establish credit and then ruin it because you were not responsible with your spending. Student credit cards are cards for emergencies, or items that are needed. They are not for the local bar, are partying. If you are responsible with your cards, getting loans will be a lot easier down the road. Remember your credit is your life.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Credit Score improved by using credit cards

The credit score is key to your financial health. With all the different avenues to get your score these days, there is no reason to not be educated about your credit report. I get lots of question about closing credit cards, and if that is a good option, especially if you are not using them. Here are some question from some of our readers about closing credit cards, and if it will affect your credit score.





Q: John Miller, asked:
I have 5 credit cards and only use one of the cards regularly. I keep the other 4 cards in my safe. I was wondering since I don’t use them should I go ahead and cancel those cards? One of the cards has a annual fee of $35.00 even though I don’t use it.

A: CreditScoreQuick.com
Hi John, you don’t ever want to cancel a credit card, that is like getting rid of good credit. What you should do is use each card about every 5 to 6 months. If you have good credit cards just setting in your safe more than 6 months without any use, the creditor might expire the card. So you want to make sure you use the cards and pay them off each month.

According to Fair Isaac, the creator of FICO scores, you should have a couple of credit cards. FICO scores are calculated by a mix of credit. So if you cancel a credit card, there goes two things, good credit that was reporting on your credit report along with a mix of credit as well.





Here is another question we had about credit cards and credit scores.

Q: Alex asked:
I have two credit cards, and would like to increase my credit score; I currently have a credit score of 675. I want to increase my score if possible; I am getting ready to buy a car, and would like the best rates on a car loan. One credit card has a balance of $6500 and another card with a balance of $3300. The first card limit is $15000 and the second is $10,000. What should I do to get my score increase as quick as possible?

A: CreditScoreQuick.com
FICO recommends that you keep your balances below 30% of the allowed credit limit. It looks like your credit card balance on the card with a $15000 dollar limit is high. This is more than likely dragging down your score. I would pay down that card, and it should increase your credit score.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Top 10 ways Students destroy their credit.

Nobody wants to destroy their credit but it can be easy for students who are new to credit.
Here are some facts from personal finance experts that describe the top 10 ways students destroy their credit.



1. Not staying on top of credit reports
If you don’t pull your credit report often, your credit score could be suffering because of a lack of management on your part. Pull your free credit score report often.

2. Opening credit accounts and closing them often
Regardless of the inviting offers out there to apply for credit, you don’t want to apply for lots of credit too quickly. The best way to keep the credit score high, is to apply for credit slowly.

3. Co-signing for others
Wow is this major problem out there. Helping out a classmate finance that new laptop for school could be very costly to your credit report. Co-signers credit can be badly damaged if the person you co-signed for is late on a payment.

4. Using your credit cards.
Student can get approved easily for student credit cards, and find themselves charging too much on there cards. Student credit cards are not for hanging out at the local bar, they are for emergencies.

5. Missing payments
Missing a credit card payment is like taking your good credit score and burning it. Late payments on top of late fees will cost you dearly.

6. Not having a budget
Statistics show that students are terrible at budgeting. Budgeting is a fact of life for most people, so students need to start this while in college, especially with the financial burden of student loans over the horizon.

7. Mismanaging student loan money
Lump sum loans expected to last a semester gives big challenges to students who don’t know how to manage their money. You will have to prioritize a lot more. Figure out what you need vs. what you want.

8. Revolving credit
According to a recent study performed by Nellie Mae ( a subsidiary of Sallie Mae, the nations biggest student loan company) the average amount of money put on credit cards is $2,820. One out of ten students charged $7,000 or more.

9. Ignoring creditors
If you know you are going to be late on a payment, some creditors will agree to renegotiate the terms of the loan to help out. When payments are missed and creditors start calling ignoring the calls will make matters only worse.

10. Paying Bills Late
Even if you have been on-time with one credit card, but late on other obligations, the credit card company can hike your interest rate on that card. This is called universal default.

Having a student credit card is a great way to build credit, but you have to manage your spending habits real closely. If you don’t you will find yourself in a world of financial trouble real quick.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

How credit card debt can affect you?

Credit card debt is a increasing problem in the United States. The credit card companies over the last 10 years have been extending credit to everyone. Yes credit cards are necessary for credit reasons, but it is very easy to over extend yourself real quick. In order to have good credit scores the FICO score model likes to see a mix of credit which includes credit cards, but if it notices you overextending yourself your credit score will drop. So the idea is to be responsible with your credit cards. A good rule of thumb is to charge only what you can pay off that month. If you have found yourself in a world of credit card debt here are some tips on what you can do.

Credit Card Debt options
• Pay only minimum payments on all credit cards with the lowest interest rates
• Pay as much as possible on the one card with the highest interest rate. If you can pay $200.00 a month on it, pay that amount. You will pay off your debt quicker if you just pay down on one card as opposed to applying the $200.00 equally among all credit card debt. This is a common mistake.
• Look into debt consolidation programs
• Look into a chapter 13 as a last resort

What credit cards to look out for
Credit cards can be rewarding if you mange them properly. For instance you can charge on some cards and get rewards to buy other merchandise. America Express has these features, and so does discover card. Some of these cards offer low introductory rates for a period of time. All of this is contingent on your credit score and credit history. Some credit card companies offer airline miles, this is a neat perk if you travel a lot. There are lots of reasons to have a couple of credit cards, and there are lots of reasons not to as well. The point is to make sure you are responsible with the credit that has been extended to you. With this responsibility there are added benefits of charging and paying off your credit card debt every month.

What credit card debt could affect in your life
• Your ability to save more
• Your credit score
• Ability to retire early
• Ability to take vacations
• Ability to save for your kids college





Credit cards are a necessary but make sure you manage them properly or they could take over your life. If you don’t have any credit cards go ahead and apply today for a credit card that will reward you for your spending habits. Remember your Credit is your life.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Proposed Credit Card and Banking Regulations

It looks like the government will be getting serious about credit card regulations. The Federal Reserve Board proposed rules to prohibit unfair practices regarding credit cards and overdraft services that would among other provisions, protect consumers from unexpected increases in the rate charged on pre-existing credit card balances.

Regulation AA (Unfair Acts or Practices)
The proposal would amend Regulation AA to prohibit unfair or deceptive acts or practices by banks in connection with credit card accounts and overdraft services for deposit accounts.




Credit Cards

• More Time To make Payments. The proposal would stop banks from treating a payment as late unless the consumer has been provided with reasonable amount of time to make that payment. There would be a new safe net for banks that send periodic statements at least 21 days prior to the payment due date.

• Allocation of Payments. When you have a credit card with different balances (for example, purchases, and cash advances), typically the annual percentage rate (APR) is higher on the cash advance. When you make a payment on a scenario like this the bank will apply your payment to the lower of the two. With the new regulation the payment will be split equally amongst the two balances. In addition, to enable consumers to receive the full benefit of discounted promotional rates (for example, on balance transfers), during the promotional period payments in excess of the minimum would have to be applied first to the balances on which the rate is not discounted.

• Two-Cycle Billing. The proposal would stop banks from imposing finance charges based on balances on days in billing cycles preceding the most recent billing cycle. Credit card issuers will not be allowed to use previous billing cycles to calculate interest on your current bill. Current double cycle billing uses the average balance from the previous two months to calculate interest charges, even if you paid part of the previous balance.

• Rate increases to existing balances. Credit Card companies will not be able to increase you APR on existing balances, unless you had a promotional offer and/or was late on a payment

• Less bait and switch credit card offers. The proposal would require banks making firm offers of credit advertising multiple APRs or credit limits to disclose exactly what the qualifications would be for those terms.

• Finance of Security Deposits and Fees. The proposal would address concerns regarding subprime credit cards by prohibiting banks from financing security deposits and fees for credit availability (such as account-opening fees or membership fees) if charges assessed during the first twelve months would exceed 50 percent of the initial credit limit. The proposal would also require financed security deposits and fees exceeding 25 percent of the initial credit limit to be spread over the first year.

• Credit Card Holds The proposal would prohibit banks from imposing a fee when the credit limit is exceeded solely because a hold was placed on available credit. This can occur where the final dollar amount of a transaction was not known in advance (for example, when a consumer checks into a hotel, a hold is placed for the expected cost of the stay).

Overdraft Services

• Debit Holds This proposal would stop banks from charging a fee when an overdraft takes place to due to a hold placed on available funds in an account.

• Right to opt out The proposal would stop banks from imposing a fee for paying overdraft unless the bank gave the consumer an opportunity to opt out of the payment of overdrafts and the consumer has not done so. This would apply to all transaction types. This would also be applied to overdrafts resulting from ATM and point of sale transactions.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Student credit cards

Student credit cards are a great way to get the credit going, especially with the changes to authorized user accounts. In recent articles I talked about how FICO® score has changed the way it looks at your credit when it comes to authorized user accounts. For years parents would add their loved ones to a credit card to help them build credit. Unfortunately due to scams of people selling their credit for profit, Fair Isaac put a stop to authorized accounts being a benefit to your credit score. It actually will hurt your credit scores to be authorized user now. So if you are a student you can apply for student credit cards to help out with the credit building process. I wish I had known what I know now about establishing credit. It’s really not that hard to get your credit history going. Here are some tips on what you don’t want to do with your new student credit card.
1. Don’t be late with payments
2. Don’t charge over the limit allowed
3. Be responsible with your buying
4. Keep your credit card in a safe place






Be responsible
College is suppose to be a fun time in your life, and when you get done more than likely you will get a career going. The last thing you want to do is mess up your credit with bad credit card debt during your college years. One reason is when you start looking for a job, most companies are pulling credit reports to see what your credit rating is. Life is just much easier when you manage your person credit properly. I can stress how important it is to pay your credit card bills on-time. So once you get your student credit card, make sure you think about the future and not just the present.

Bad Credit Credit Cards
If you get turned down for a student credit card, you can always get a secured credit card. Orchard Credit Cards are a great way to establish credit if you cannot get a unsecured credit card. With a little history of having a secured credit card you will begin the credit building process. There are also other credit cards that are called sub prime credit cards, they have higher interest rates, but they will approve you so you can establish credit as well. Don’t let the word high interest scare you, as long as you pay off the card every month, you will be fine. Just make sure you are responsible with your credit cards.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

How to establish Credit Scores.

Establishing credit scores or more attainable than you think. If you are new to the credit scene I am sure you have heard how important it is to establish high credit scores for better rates and terms on loans. Heck even employers are pulling your credit to determine how responsible you are based on your credit history. In this article I will give step by step instructions on how to establish credit quickly.

Secured Credit Cards
Secured credit cards are one of the quickest ways to get a credit score. A secured credit card is a card where you deposit money into a account that the bank designates for you. Once the money is deposited into the account at that point they issue a credit card that will report to all 3 credit bureaus. The deposit that is required is typically around $250.00 dollars of your own money. With good payment history you will start getting all kinds of credit card offers. You want to make sure you are never late on a payment; if you are your credit score will drop around 150 points. After a late payment has taken place you just defeated this entire process. Also make sure you keep the balanced owed less than 30% of your credit limit. Typically if you charge up your card below 30% of balanced owed your credit score will increase. You also want to make sure you have at least 2 secured credit cards. Orchard Bank Card is a good secured credit card with low fees.

Checking Account
Make sure you are main stream and you deposit your money into a checking account somewhere. When getting a loan all banks want to see what you are doing with your money. It would not hurt to have a savings account at the same bank as well. When you attempt to get a mortgage, one of the needs items a loan officer will ask for is a history of your checking account and any savings you might have. Checking accounts are a sign that you are taking responsibility of your money.

Rental History
Make sure you are renting a house or apartment. This is a great way to establish credit. Lenders look at this as well. They want to make sure you can pay rent on-time as well. It looks better to be renting as opposed to just living with someone rent free. Most lenders like to see at least 24 months residence history with 12 months rental verified.

Utilities
Your utilities need to be in your name. Make sure you don’t put them in someone else’s name.

Student Credit Cards
If you are a student, part time or full time, student credit cards a great way to get credit established. You don’t even have to be at a major university, it can be your local community college.

Auto Loans
Auto loans are a great way to establish credit scores. Usually auto loans are easier to get than most loans. This type of loan will report to all 3 credit bureaus as well.


Everything that was mentioned in this article is what it takes to get credit scores established so you begin your journey with credit. Remember to make sure you are never late on anything. Good luck.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, Internet identity theft software, secured credit cards, student credit cards , mortgage loans, auto loans, insurance and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Student and College Credit Card advantages

Student and College credit cards are a great way to establish good credit while you are in school. When you are away from home starting your college days you might encounter some expenses that need to be charged. With a student credit card, which by the way credit card companies are anxious to offer with good rates you can easily be on your way to establishing a great credit score. Credit Card companies know that you are less likely not to pay you bill since you are in college. Typically college students have the drive and understanding that your credit report and credit scores are very important. They also know you are more responsible especially since you are taking the big step of continuing your education. Since credit cards are a necessary in showing your ability to pay back a obligations, on the flip side you want to be very careful and responsible when charging on them. You don’t want to get over your head with unnecessary charges. When you charge on a college credit card, you don’t what to charge more than you could pay off that month.

What to avoid with Student and College Credit Cards.
1. Keep your credit card charges below 30% of credit limit
2. Don’t be late on your credit card payments
3. Don’t get cash in advance, the fees are unnecessary.
4. Don’t charge more than you can pay off that month.
5. Keep your college credit card in a safe place while in dorm
6. Don’t let you friends charge on it.


Advantages of Student and College Credit Cards.
1. Build good credit.
2. Increase your credit scores.
3. With good payment history you will be able to get other loans.
4. You have emergency money.
5. You will get other low interest credit card offers.
6. Be able to get good rates and terms on other loans


Remember when you get your student credit card; make sure you are responsible, because when you get done with your degree, most employers check your credit report to see how responsible you are. If you have a good credit history plus a degree, you are more likely to get that job, as opposed to the individual that has the degree but credit is bad. You should have at least 3 lines of credit reporting on your credit report. Examples would be a couple of credit cards and maybe a car loan. The credit bureaus like to see a mix of credit when determining your credit risk. Your credit has never been more important that it is now. Get your student credit card today, and be well on your way to establishing a good credit history. It would not hurt to get a recent copy of your free credit score report as well to see where your credit currently stands.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, Internet identity theft software, secure credit cards, student credit cards , and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness