Getting a Student Credit Card
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THE ARTICLE Getting a Student Credit Card
Want to build your credit? Start out by obtaining a student credit card and using it ever so wisely. Student credit cards are a great way for high school graduates to prepare for their financial futures. Good credit will become relative when you decide to buy a car or house in the near future. Without good credit, you may be unable to make that big purchase you have been planning for.
Here is how it works. As a college student with little to no credit history, research a handful of student credit cards and select one to apply for. If you don’t have strong credit (and you probably don’t at this point), look for a card that has a low limit ($300 to $500). Once you get the card, you need to use it to build your credit. This doesn’t mean blowing your entire limit on clothes, entertainment, or whatever else you have been dying to have. Instead, pay a few small bills via your card. This can be a magazine subscription or gym membership that is automatically deducted from your student credit card. In return, you pay the entire amount of your credit card bill each month. It is very important to pay off the bill and to do so on time. This will optimize your credit building efforts.
After several months of paying your bill on time and in full consistently, the lender will most likely increase your credit limit as a reward for your efforts. The increase reflects positively on your credit card. Again, don’t blow this increase, but keep it for emergencies. As you continue to pay your bill on time, your limit will slowly increase.
While receiving a student credit card and basically not using it seems pointless, it will pay dividends in the end. By paying your bill on time, you build your credit score so down the road you can make the purchase that really counts.
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.