Credit For College Students..?

Question

I received a letter on the mail about applying for a credit card, Capital One to be exact (Capital One Visa Platinum Card, so I applied and I got accepted. $300 of credit. My question is how do I build a good credit score since this is my first credit card. Im 18 years old, Going to be a freshmen college student and I also have a checking and savings card from Wells Fargo.

- Im 18 years old.

-Freshmen College Student.

-No Job but stay 100% in school.

-Wells Fargo checking and savings account.

-Never Used a credit card.

-This is my 1st credit card. ($300 credit)

-How to build a good or excellent credit score?

-Can I apply for another one?

Answer 1

You can certainly apply for another credit card. Make sure you apply for a "student credit card" which does not require a job; You can find a list of cards here:
http://www.credit-land.com/1251/1251_page_24141_400095.php

Make sure you choose a credit card with no annual fees and hopefully some benefits. The key is to pay off entire balance on time every month so that you don't pay any fees or penalties.

Answer 2

As the name suggests, a student credit card is specially designed for students and is very different from your regular credit card. Because it may be the first time for college students to apply for a credit card, most credit card companies designed their student credit cards to be a form of secured credit cards.

It will help a student to avoid accumulating high amounts of debt because of reckless spending. If you need groceries, or that recommended book but you don't have the money for it, then it may be time for you to use your student credit card. It is good if you start learning good financial habits from your student life itself. Don't use the card to pay for everything and anything. Use it judicially or it will land you in a debt to repay after the college finishes.

It is not unusual to find the representatives of credit card companies promoting student credit card in college campuses. However, finding a right card will take much more than contacting the representative of credit card company. Develop a habit of shopping around and getting the best deal out there. Though the interest rates on student credit cards are relatively low, they also offer a low credit amount. If used judicially student credit card can become the perfect means to build a credit history and jumpstart your financial wellbeing. Checkout a list of popular student credit card at: http://www.credit-card-gallery.com/Student_Card.html

Answer 3

Before you get another credit card, work with this one for a while. Most of the folks crying about their low credit scores got those bad scores by going wild and crazy with credit cards.

You build up a good credit history by paying on time. You stay out of debt by NOT charging more than you can afford to pay in full every month.

Answer 4

How can I apply for another one?!?!?!!? This is how people get into trouble.

If you don't have a job, why do you have a credit card?!!?!?

Use it for emergencies only and pay it off IN FULL EVERY time you get a bill.

Don't end up paying for a pizza ten times over by racking up interest and making minimum payments.

Having a credit card DOES NOT make you a success.


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