Say no to the on campus credit card guy

Why I said no to the no campus credit card marketing guy.

I was on my way to psych 101 and this man in his mid thirties jumped in front of me and flashed several student credit cards and asked for a minute of my time. I agreed. He proceeded to tell me if I applied for a credit card he would give me a voucher for a free six pack of pepsi. He did not offer me any educational material on building good credit, only a choice of applications for credit cards. I told him I would think about it and he became frustrated. He told me I needed to apply for a student credit card right now or I would not get the free soda. This man would not let up ... he persisted and persisted to the point that I almost felt bad for him.

At this point the one minute of time time had turned in to ten minutes and I was late for class. I told him I would stop by after class after I had some time to think about it. During class I kept thinking about how pushy this credit card guy was and it angered me a little bit. Class was let out early and I walked a different route back to the dorm.

It turns out my roommate was cornered by the same credit card marketer last year and she ended up applying for several credit cards to get many free incentive gifts, only to not get approved for a single one. I called my parents and they told me to not apply for a student credit card until I sat down with them and talked about the basics of building good credit in an intelligent way.

We searched the internet and found this very site, StudentCreditCards.com - where you will find several articles on building good credit and a selection on the major student credit cards for college students to review and compare when applying.

Student should take their time when applying for a credit card. The first step is learning how to build strong credit, educate yourself and involve your parents as they have been through the trials and tribulations of using credit. Credit must be repaid, it is not free money for college. Don't apply for a credit because everyone else has one or because it might seem cool to carry one. When you are ready to learn about credit, read the credit card articles at StudentCreditCards.com and if you are employed or have a co-signer then compare student credit card issuers and apply online only if you are ready.

Student Credit Cards Management

As a student, you will inevitably run into some financial emergencies. Many students handle these unexpected expenses by using credit cards. You can usually qualify for student credit cards when you’re enrolled in school, regardless of your lack of credit history. More and more students are finding that student credit cards give them the security that they need to make it through school. They are also building their credit which will prove to be very important once they’re out of school.
If you’re a student with a credit card, there are a few rules of thumb that you should follow. First, don’t use your credit card for frivolous purchases. This includes fast food, nights out with friends and lots of new clothes. Be diligent about only using your emergency credit cards for emergencies. Getting auto repairs, buying project supplies and paying for an emergency room visit are all things that can’t be put off until later and can be considered immediate necessities. Always ask yourself if what you are paying for is a need or a want and you should be able to keep yourself on track.
It’s very important to always make your payments on time. Even one late payment can negatively impact your credit score. It’s also important to always pay more than the minimum amount due to show that you take initiative when it comes to paying off your balances and don’t let them get out of control. Pay your credit card completely off whenever you get the chance so that you don’t have a long history of revolving debt. Try not to get your credit cards up to their spending limits. Keeping them down shows that you are responsible enough to have available credit and not use it. If you follow these suggestions, then you should be on your way to a decent credit score.
If you do get in over your head, then you may need to come up with a strategy to manage your debt. Attacking the card with the highest interest rate first is a common strategy to paying off debt. Pay as much as possible to this one card, even if it means making minimum payments on your other cards for a while. Another way to pay off debt is to take care of your smallest balances first. This is a more motivating way to pay off debt because you’ll see the bills disappearing. Keep paying the same amount every month towards your debt. This will get you to pay more and more towards your largest bill over time until all of your money is going to that one card.
Sometimes you can call your credit card company and simply ask for a better annual percentage rate. A balance transfer can get you a short term special deal that can help you pay less interest in the long run. Watch out for fees that may end up costing you more than the interest you might have paid. Don’t be lured by a credit card deal that has a great promotional rate and then balloons into something really high. Be diligent and your student credit cards can be paid off sooner than you think.

About the Author: Mary Wallace, a retired teacher, is the editor for studentcreditcards.com, a provider of student credit cards and information plus consolidation of student credit cards. For more information, please visit http://www.studentcreditcards.com.

Students Saving Money

Living paycheck to paycheck is no picnic. An overwhelming number of people live their lives this way. When your paycheck barely covers your bills, it can be taxing on your wallet and your sanity. Try to keep things in perspective and do the best that you can. Save money where ever you can and don’t make unnecessary purchases. Avoid impulse items at the store and save a little, even if the amount seems trivial.
Find ways to increase your income if possible. Ask for overtime at work or take on a second job. Keep looking for work that could pay you more even if you’re already employed. Have yard sales and utilize auction sites to sell things that you have that you no longer have a need for. Offer services to your friends, family and neighbors. You might even distribute flyers around campus or make signs to attract potential customers. Figure out what you’re capable of and what you have to offer, and then use it. Do things that others may not want to do and that they’d be willing to pay for. Clean houses, wash cars, tutor, clean gutters, cut grass, type term papers, whatever you can think of that can make you a few bucks here and there.
Second, find a way to save. Saving money on your frivolous purchases is job number one. If you go to fast food every day for lunch, stop it all together and pack a lunch. Calculate how much you save every week to keep you motivated. Some people find out that they have to work an entire day to pay for their fast food habit each week. Don’t let going to work cost you a chunk of what you make. Find a carpool to join, start one up or take the bus, train or subway to work and school. Saving gas money adds up quickly now days. Find ways to lower your bills. Switch from incandescent bulbs to fluorescent ones. Make sure that you don’t have the television, stereo or lights on when they are not in use. Don’t leave appliances or chargers plugged in when you’re not using them. They still use power even if they’re turned off.
Make yourself a budget. Figure out exactly what you’re bringing in and overestimate what your bills will be. You don’t want to be caught off guard when you get that first winter heating bill. Some utility companies will allow you to pay a set amount each month that covers you for the year. This helps you to avoid huge fluctuations during summer and winter months. It’s easier to budget for and can help you get into a rhythm with your spending that can help you train yourself to live within your means.
If you need some security and want to be able to handle financial emergencies yourself, then you might consider something like student credit cards. Special offers are available for students looking for credit cards. Don’t overspend or charge things that aren’t really emergencies. Make your payments on time and you can build your credit. Organize your life and you can live comfortably within your income range.

About the Author: Mary Wallace, a retired teacher, is the editor for studentcreditcards.com, a provider of student credit cards and information plus consolidation of student credit cards. For more information, please visit http://www.studentcreditcards.com.

Students and Secured Credit Cards

When you enter college, you may soon find the need to apply for student credit cards. There are a few reasons to get a student credit card. The most common reason to get a credit card is for emergencies. Emergency medical care, vehicle repairs, unexpected school expenses and avoiding starvation may all be reasons to apply for a student credit card. Another reason is simply to start building your credit.
Most students don’t have a credit score or any credit history because of their age. There are special offers from credit card companies out there to combat the problem of constantly being rejected for credit because of an insufficient credit history. Many of these student credit card offers require that you be enrolled in school to qualify. The idea is that you are receiving an education that will later allow you the funds to repay any debts that you incur during college. This makes you less of a risk to the credit card company than someone your age that isn’t in school. It is assumed that you will make more money in the future than those who aren’t furthering their education.
Qualifying for a student credit card is easier if you are currently employed. If you are not, then you still may qualify for a secured credit card. A secured credit card is a card that has a deposit account attached to it. This means that you will be required to deposit money to get the card. You will usually be asked to deposit up to five hundred dollars. This can usually get you a credit limit of between five hundred and one thousand dollars. The credit limit is the amount that you can charge up to.
Secured credit cards show great responsibility and can build your credit very quickly. Basically it tells the credit card company that you have the foresight to save money and use it to build your credit, investing in your future. You must make every payment on time and pay more than the minimum amount that is due. If you don’t, then you run the great risk of damaging your credit very early in the game. Consider your credit card the catalyst for proving your responsibility. Don’t run your credit card up to the limit unless it is absolutely necessary. If you do, then pay it back down as soon as possible. Holding a balance that is close to the limit can hurt your credit score.
Shop around and choose wisely when selecting which card you want to apply for. Apply only for the ones that you really believe you’ll be approved for. Watch out for extra fees or high annual percentage rates. Take advantage of special deals offered to students, but disregard them if they turn into high rates and high fees after the promotional period is over. Be responsible and always make your payments on time. Proving yourself now can lead to the best deals on major purchases in the future. If you do well and keep your credit score high, then you’ll enjoy special deals and the best interest rates for years to come. Your student credit card could be the start of your successful financial future.

About the Author: Mary Wallace, a retired teacher, is the editor for studentcreditcards.com, a provider of student credit cards and information plus consolidation of student credit cards. For more information, please visit http://www.studentcreditcards.com.

Budgeting for Students

Budgeting can be especially hard for students. There is so much new responsibility in their lives and money is a big one. Many students have never been in charge of their own finances before and they probably haven’t had much guidance in this area. If your child is going off to college or is already a student, you may want to educate them on financial matters.
Most adults know what budgeting is all about, but it may surprise you to know that most students going into college have no idea what that word actually means. You know as a parent how hard it can be to stick to a budget and you should expect that your college student will struggle with it as well. Keep in mind that this may be the first time that they have to exhibit self-discipline. The first step is to simply explain what budgeting is. Budgeting is basically a plan that lists all of your money coming in and money going out. Remember that everyone learns differently, so you may want to also write down a mock budget plan for them. Getting them to write it is also a good idea. Once you get the idea of a budget into their heads, then you can move on to the next step.
Next you want to make sure that all sources of income are accounted for. Student loans, income from their job if they have one, scholarship money, allowance from their parents or family, and any other benefit monies they may have coming in. At this point, most students will think that the amount of income looks great. They probably haven’t had this much money at their disposal before, and may suddenly get the itch to go shopping. A big mistake is for students to use the amount coming in as an excuse to spend five dollars here and there all month long. They won’t even know what happened when the money is gone. This is why it is very important to accurately track expenses in the next step.
Staying on top of money spent is a very hard discipline to learn. First they need to make an accurate list of their expected expenses. Books, bills, cafeteria, groceries, school and personal supplies, gas and don’t forget recreation. Going out with friends is an important social part of their lives and they need to budget for it. Clothing is something that they will definitely need as well. Doctor visits and prescriptions need to be planned for. There are lots of little things that you may not think of yet, which is why the next section is important as well.
Include an unexpected expense section in your child’s budget. Here is where they should note any extra expenses that came up during the month. Oil changes, auto repair, an emergency room visit, replacing a cell phone, anything that they didn’t expect that ended up cutting into their budget. Writing it down will help them look back in future months and determine if it’s something that could happen again that they should plan for.
Keeping up with the budget will most likely prove challenging for most students. Creating a separate savings account will help separate money that needs to be saved from disposable income. Taking out cash instead of using a debit card is a very effective way to stick to a budget. Encourage your child to leave their debit card at home when they go out with friends and only use the cash that is accounted for in the budget. You may want to educate your child on the importance of being responsible with credit as well and help them look for student credit cards that could help them out of a real emergency while they are away at school.

About the Author: Mary Wallace, a retired teacher, is the editor for studentcreditcards.com, a provider of student credit cards and information plus consolidation of student credit cards. For more information, please visit http://www.studentcreditcards.com

College Students and Money

We live in an increasing more material world. We have grown to expect instant gratification in every way. We no longer need to go to the bank and stand in line to get to our money. We wave tiny keychain devices in front of a receiver to pay for items at the store. Computers start up in no time and internet information is available on just about any subject that we can dream up in a snap. We don’t even have to walk to the mail box to pay a bill anymore. Remote controls, cell phones and MP3 players ensure that we can get where we need to go, talk to whomever we choose and listen to whatever we want in an instant. Our lives as Americans are full of conveniences and luxuries that our ancestors and people in other countries never dreamed of. So how does all of this convenience affect college students?
Current college students have spent their entire lives in this world of instant gratification and automated convenience. They have access to student credit cards to get them out of a bind, but credit cards can also get them into one. This is actually one convenience that can really help college students get by and help them prepare themselves for the future. Building your credit early is important in this day and age. Soon they’ll be out in the real world, needing to open cell phone contracts in their name, buy vehicles and ultimately buy a house. Keep in mind that most long-term big loan contracts, such as a home mortgage, can require up to an eight year good credit history to qualify. As long as they act responsibly, starting on a credit building financial journey while in college is necessary for those who will eventually buy a home.
Building credit can be accomplished if the right steps are taken. Signing up for a secured credit card is a relatively safe way to teach college students the responsibilities of owning a credit card. Secured credit cards require a deposit and the deposit dictates the amount of credit available. If you deposit $500, then you can spend up to $500. This is a great way to establish credit, or repair credit that has been damaged in the past. When you make your payments on time and when you are overall responsible for your finances, you will build your credit and you’ll usually be rewarded for your efforts. Banks and credit card companies keep track of your history and may offer you a line of unsecured credit or simply increase the amount that you are able to spend on that credit card. You will establish a credit score and be eligible for future loans and unsecured credit cards. Secured credit cards are a great way to teach college students about the discipline of paying off something long-term.
If they learn to avoid the instant gratification trap that they’ve been raised to expect and really only use the credit card for emergencies, then they will be better off in the future. Having a credit score and history that says good things about them will help them take pride in what they have learned and accomplished during their college years and will lay the groundwork for a successful financial life.

About the Author: Mary Wallace, a retired teacher, is the editor for studentcreditcards.com, a provider of student credit cards and information plus consolidation of student credit cards. For more information, please visit http://www.studentcreditcards.com