Is it a good idea for a college student to get a credit card?
So, without a credit card, how will that student pay for an airplane or bus or train ticket home?One needs to learn to use a credit card Responsibly. That means being Frugal, living within your means and needing what you buy. And paying the credit card statement in Full each and every month.Both of my sons got credit cards along with a full bank account at a local bank convenient to their college as they started college as freshmen. Most colleges recommend that and support at least one local bank. I was co-owner of each account and could electronically view their account at Any time. They were responsible for being sane and responsible and knowing I could see the account kept them from doing anything stupid.Then when they graduated college, got a job and moved on, they closed that joint account with me and opened their own personal account and with their good credit rating were able to get a good account.Start early being responsible. First day of freshman orientation at college is nice place to start.
Is it a good idea to get a credit card?
I did not want to get a credit card till I got and started using one. It is so very convenient.You can buy things online.You can get air and rail reservations with its help.It is so convenient to carry less cash for every necessity.It is especially handy when the payment figure is not a round figure.You not only get free credit for about one month you also get bonus/reward points which can be used for cash payment also.There are many other advantages on some special cards.Govt is encouraging cash less transactions. It is thinking of giving 2% rebate for paying GST cashless.However be very careful in making timely payments. Interest for delay will give you sleepless nights.
Is getting a credit card during college a good idea?
A credit card is a way to establish your credit history. If you use it wisely it can help boost your score and put you on the right path to get a house one day. If you run it up and one day find that you can't even afford the minimum payment anymore.... it will ruin your credit. Here is how to do it right. Only use 10% of your credit cards limit in a billing cycle. This keep your available credit high. When the bill comes... pay in full to avoid finance charges and do it immediately to avoid any late payments. That is all you have to do. Use it sparingly, only up to 10% of it's limit, pay the bill when it comes in the mail or at least 10 days before due date, pay in full and keep that habit up until you need to buy a house. By then your credit score will be awesome and you won't have an issue getting a mortgage.
Massive credit card debt..19 years old?
I have racked up about 27k in credit card debt due to online sportsbetting over the past year. Problem is I don't have the money to pay it off. I am just a 19 year old college student and looking back on it..I don't know what the hell I was doing. I realize I have a problem and have quit for good but what should I do? If I confess to the credit card company what will happen? Technically speaking it is illegal for them to fund online gambling sites but the websites disguise there purchases. In fact I, when they used to call me about the deposits I was making I told them it was a sportsbetting site and they never said anything of it. Can I use this to my benefit. My credit is pretty decent right now..about 722...but I am assuming it will tank. I was thinking about taking out a private student loan and paying my cards off. Should I get a lawyer? Any help, advice is greatly appreciated.
Is the Discover credit card for college students a good idea?
I've gotten this letter in the mail from Discover countless amount of times. I always just threw it out because I don't want to have to deal with a credit card, but now that I actually read the information and thought about it, it seems like it may be a good idea. It's a credit card only for college students, and it would help me establish my credit for the future. There's 0% APR for the first 9 months, then it goes to 12-18%. My mom told me I should take that invitation to my bank, which is Chase (I already have a student checking account and debit card there) and see if they have any type of credit card to offer. But if they don't, is the student Discover card a good idea? Anyone have it?
Is credit card debt settlement bad for your credit?
You have not provided enough information but, if I understand correctly, your credit cards have not yet become delinquent, otherwise your credit score would not have been over 700. If you have paid at least the minimum payment on EACH of your credit cards for every statement, you are in good shape, as far as your credit history goes. Your credit score could be slightly damaged by your higher debt-to-credit ratio, but that is a minor concern, because it will be corrected as soon as you either pay off some of the balance due or increase your credit line. Or open another credit card. And with a score above 700 you will have no problem opening a credit card with a 0% balance transfer interest rate to transfer some, or all, of the balance on your current credit card. That should take care of the problem until you start getting paid. You will need to be careful though, as all banks charge a balance transfer fee of 3% of the total amount. Some banks, however, like Citibank and Bank of America offer credit cards with 0% balance transfer rate and $0 balance transfer fee on some of their credit cards. I would recommend browsing through their credit card offers. What will seriously damage your credit history for a long time is missing a credit card payment. It will stay there for 7 years, even after you settle with your creditor.
Is it a good idea to close credit cards once they’re paid off? I want to improve my financial affairs, so I'm thinking this might be a good way to start off.
Closing credit cards once they are paid off will hurt your credit score badly. Closing them will affect several factors that weigh into your credit score:Credit utilization. This is the amount of debt you have divided by the total amount of your credit limit across all cards. For example, if you have 3 credit cards, with a $1000 credit limit each, and owe only $500 on one of them, this would be 500/3000 = 16.7%. If you had closed all but the one card your usage would be 500/100 = 50%. Lower is better and you should try to keep it at 30% or under. This carries significant weight on your credit score.Average length of credit history. This is the average length of time you have had credit from any source including credit cards. Closing cards, particularly ones you have had for a long time will reduce this number. In this case longer is better.Number of lines of credit. Generally more is better and closing a card will reduce this number.Not to mention it’s good to at least have two cards in case there is a problem with one. Unless of course any of the cards carries a monthly/yearly fee. In that case close the card ASAP. It’s not worth paying a fee to keep it on your credit report.If you really can’t handle having a credit card without using it, make it harder to use. Lock it in a safe deposit box, freeze it in a block of ice, etc.
Would it be a bad idea to take 21 credit hours, so I could be a junior by the end of May 2013?
If you are getting B and C grades, you should take no more than 15. Otherwise you are going to fail some courses if you take 18 or 21.