Credit cards managing for the loan credit -Part 4-
More often than not, students that are getting their first credit card without proper credit card schooling will end up getting many more since credit card promoters that visit college, school and university campi will require only the credit card that was issued with the consent of the parents to provide the student with additional credit cards.
Credit card promoters generally receive a low base income and rely on commissions to be able to have a decent income. Commissions on credit cards are often low and payable only if the credit card is approved; therefore, it is quite frequent to see that a promoter works for several banks and credit card institutions and as such, will offer the student all of the applications he or she handles.
However, some promoters will use a Xerox copy from the student’s credit card and use it to file additional credit card applications so that they might have a bigger and bulkier paycheck. Of course, credit card supervisors and overall management personnel will deny such activities and claim that if their promoters do such things they will be fired on the spot. Truth is most of them know these activities and not only look the other way but even encourage them to an extent of even allowing the promoter to falsify the signature of the applicant.
What this will cause is that credit cards that have not been requested suddenly arrive to the student’s home or dorm room. A properly educated student will realize that he or she have not applied for such credit cards and will either cancel them immediately or file the proper complaint with the corresponding financial authority for fraud and forgery. However, a poorly educated student will see them as a great opportunity and start using them with little to no regard, causing a serious debts from which he or she will have trouble emerging or fail altogether ending up with the parents having to help out.
In addition, the collector’s calls that for such debtors can be rude, impolite and overall liars will easily scare an unprepared credit while a prepared one will rarely find him or herself subject to such calls since their own credit card management will be secure and measured.
Teaching a child the proper use of a credit card is best done with the example.
Student credit cards.com @ April 13, 2008