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Thread: Student Credit Cards

  1. #1
    Senior Member accuFLEX's Avatar
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    Student Credit Cards

    I’m thinking about getting a credit card, with the basic idea, that if I get one now, I can build up a solid credit rating and things will be easier later on when I get out of university and obtain a “real” job.

    I don’t make that much money, being a student and all. I probably will make about $3,000 this summer and then stop working or work like 8-10 hours a week during school.

    I’ve looked at some of the minimum incomes you need for one of those “student” credit cards, and their like $1,200 a year, so I have that covered.

    What I’m looking for is some suggestions and to which would be a good credit card for me. Visa, MasterCard, etc.

    I’ll be 19 in early August, so ill get it then

  2. #2
    Back in business WBBIRL's Avatar
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    To build my credit, I took out a loan and offically bought my first car a 2 months ago. My dads name is on the loan but my name is there as well. Once I pay it back I assume Ill have established credit and all will be fine.

    Im not so sure the name on the card counts, as much as your interest rates and terms on the card itself.

  3. #3
    Senior Member seK's Avatar
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    They all have benefits and pitfall’s, your best option is to just look into them all and see what one fits your needs.

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    Wannabebig Member Joe Usher's Avatar
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    If your disciplined, don't act on impulse, and don't carry a balance on the card, go for it.

    Otherwise stay clear of credit cards at a young age unless your parents will pay the bill for you.

  5. #5
    General of Froot Soldiers TwiloMike's Avatar
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    There are many cards out there that have pretty decent incetives. There is really no difference between a Visa and a MasterCard. The only really different cards from those two is American Express.

    Do your research. If you plan on buying only small things with it and paying the balance off completely every month then you will be fine. When you get the card call them and ask them to keep the limit on spending low (~$500), just as a safe guard.
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    Crrrrrrrrrrest!!!!! mikey4402's Avatar
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    actualy i have read that if you just pay off the bill each month, it wont help you with your credit. you should pay off more then the min each month but keep a balance on your card
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    Senior Member seK's Avatar
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    Quote Originally Posted by mikey4402
    actualy i have read that if you just pay off the bill each month, it wont help you with your credit. you should pay off more then the min each month but keep a balance on your card
    The most efficient way to increase your credit rating is to just make the payments they place on your bill. They calculate the payments to maximize the amount of interest you gain so in affect you are paying to receive a good credit rating.

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    Senior Member Eszekial's Avatar
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    1) I work for a bank.
    2) Pay off the entire bill each month. The negligible increase in credit for having a running balance won't do **** for you.
    3) Co signing on a car will not build credit for you.
    4) I have 760 credit (very good) just from 1 credit card and about 2 years of history of paying it off regularily. It actually started as a secured card at $900 dolalrs which has been raised to $3000. Just pay your bills, don't be a dumbass, wallah, good credit.
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    Senior Member accuFLEX's Avatar
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    Looked around, prob. end up getting this one....

    http://www.cibc.com/ca/visa/classic-visa-students.html

  10. #10
    Baby Seal Clubber ElPietro's Avatar
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    If you don't have much income right now, I'd probably recommend against getting a credit card.

    You can build up a good credit rating pretty quickly, but can take years to fix if you **** it up. I'd really suggest waiting until you have stable income.

    It's easy to say you will be careful, but you are a student, and will not always make wise decisions, and at this point, the risk is not worth the reward.
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    Ex-Manwhore KingWilder's Avatar
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    I have a Mastercard through CitiBank

    I'm pretty sure it's a student card, so I get points or something, not really sure if it matter that much, when I buy gas, food, school supplies.

    my limit is up to around $4300 now
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    Back in business WBBIRL's Avatar
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    I dont have a car loan actually, we did it as a personal loan so they wouldn't hold the title and wouldnt be forced to carry insane amounts of insurance.

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    Quote Originally Posted by Joe Usher
    If your disciplined, don't act on impulse, and don't carry a balance on the card, go for it.

    Otherwise stay clear of credit cards at a young age unless your parents will pay the bill for you.
    i wasn't disciplined, i got a credit card, ran it to the max, and took like 3 years to pay it off. it sucked. but i'm GLAD i got it, because it taught me a ton about responsibility with credit. i'm 23 and i'm over a 750 fico now and have more money than most anyone my age. i now think that my early experiences with credit were worthwhile because i learned about credit while the stakes were low. much better to learn the hard way when your max limit is like a grand or two
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  14. #14
    天龙 McIrish's Avatar
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    Quote Originally Posted by Eszekial
    1) I work for a bank.
    2) Pay off the entire bill each month. The negligible increase in credit for having a running balance won't do **** for you.
    3) Co signing on a car will not build credit for you.
    4) I have 760 credit (very good) just from 1 credit card and about 2 years of history of paying it off regularily. It actually started as a secured card at $900 dolalrs which has been raised to $3000. Just pay your bills, don't be a dumbass, wallah, good credit.
    Hey E, is that right? I was always told have a $1 charge or something similarly negligible at the end of the month and your score will keep going up? Then again, the same people told me that anything eaten <2 hours before bed would magically turn to fat, and I'm not a 800 lb monster right now, am I?
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    I use my student credit card to pay for my utilities while I'm at school. Electricity, water, phone, etc. are automatically charged to my credit card - I pay it off on time and in one payment. It makes paying bills a lot easier.



    Oh, and I can buy Nitrean

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    Quote Originally Posted by RedSpikeyThing
    Oh, and I can buy Nitrean
    The real reason to have a credit card.

    If you're responsible enough, I'd go for it. I've had a card for about 3 years now. Unfortunately it sort of became my plastic student loan, but I'd have rather had the hard lesson on spending now than to screw myself later. Now I'm graduating, I've got a good credit rating, and I've learned my lesson about watching your spending (you wouldn't believe how fast those balances can grow, so be vigilant about watching what you spend).
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    Quote Originally Posted by Eszekial
    2) Pay off the entire bill each month. The negligible increase in credit for having a running balance won't do **** for you.
    3) Co signing on a car will not build credit for you.
    4) I have 760 credit (very good) just from 1 credit card and about 2 years of history of paying it off regularily. It actually started as a secured card at $900 dolalrs which has been raised to $3000. Just pay your bills, don't be a dumbass, wallah, good credit.
    as far as number 2 goes, isn't the length of your ownership of that card important, regardless of use?

    my situation is similar to yours, i got a credit card maybe 3 years ago, and now have a 750ish fico and about 10K of credit from my CC's; on my fico report one of the ways to increase my score is to have longer history with same cards :

    "Why Is My Score 751 ?
    Source: FairIsaac


    1. The length of time your revolving/charge accounts have been established is too short.

    This factor is based on the age of the revolving/charge accounts on your credit bureau report (the age of your oldest revolving/charge account, the average age of your revolving/charge accounts, or both). Research shows that consumers with longer credit histories have better repayment risk than those with shorter credit histories. Also, consumers who frequently open new accounts have greater repayment risk than those who do not.

    2. The length of time your accounts have been established is relatively short.

    This factor is based on the age of the accounts on your credit bureau report (the age of the oldest account, the average age of accounts, or both). Research shows that consumers with longer credit histories have better repayment risk than those with shorter credit histories. Also, consumers who frequently open new accounts have greater repayment risk than those who don't. "


    (BTW, that is direct from my login page on my providian credit card. it has no annual fee, and has my current fico every month. i don't even use the card, i just keep it for constant credit score access)
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  18. #18
    Wannabebig Member Joe Usher's Avatar
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    Quote Originally Posted by jdeity
    i wasn't disciplined, i got a credit card, ran it to the max, and took like 3 years to pay it off. it sucked. but i'm GLAD i got it, because it taught me a ton about responsibility with credit. i'm 23 and i'm over a 750 fico now and have more money than most anyone my age. i now think that my early experiences with credit were worthwhile because i learned about credit while the stakes were low. much better to learn the hard way when your max limit is like a grand or two
    Experience is the best teacher.

  19. #19
    General of Froot Soldiers TwiloMike's Avatar
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    If you want to build credit but are afraid that you will spend frivolously get the credit card and put your automated payments on it (gym, phone, etc.) and they will be charged automatically every month. Don't carry the card with you so you won't be able to spend with it. Pay your bill off each month since you already pay for those things anyway. Simple credit.
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  20. #20
    Senior Member Jorge Sanchez's Avatar
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    I got a student Visa when I was 18. I repay the bill in full every month, and after about a year of having the card I was approved for an $8,000 motorcycle loan. Eventhough I don't know my credit score, I assume it must have been pretty good considering I got approved for the loan at 19, as a student without a full-time job.

    As long as you are disciplined I think a credit card is a great way to build credit. In fact, I just got my second.
    Last edited by Jorge Sanchez; 07-12-2006 at 09:37 AM.
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  21. #21
    Back in business WBBIRL's Avatar
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    Will the personal loan I cosigned on with my dad build my credit at all???

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    Quote Originally Posted by WBBIRL
    Will the personal loan I cosigned on with my dad build my credit at all???
    i believe someone on this thread said no already, but i could have sworn that it DOES help your credit. logically that would make sense, since if you do cosign you are taking a financial responsibility (if your dad defaulted and you defaulted, it woudl hurt BOTH of your credit scores, i don't see why payment wouldn't help both your scores if they both stand to be hurt.)
    Last edited by jdeity; 07-13-2006 at 11:16 AM.
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  23. #23
    Senior Member seK's Avatar
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    Quote Originally Posted by jdeity
    i believe someone on this thread said no already, but i could have sworn that it DOES help your credit. logically that would make sense, since if you do cosign you are taking a financial responsibility (if your dad defaulted and you defaulted, it woudl hurt BOTH of your credit scores, i don't see why payment wouldn't help both your scores if they both stand to be hurt.)
    http://moneycentral.msn.com/content/...20s/P73746.asp

    Piggyback on someone else’s good credit
    The fastest way to establish a credit history can be to “borrow” another’s record, either by being added to a credit card as an “authorized” or joint user or by getting someone to co-sign a loan for you.

    Having a co-signer can allow you to qualify for loans you might not otherwise get. The loan will show up on your credit report and, if you pay it off responsibly, will help boost your credit score.

    If you default, however, you won’t be the only one who suffers. The co-signer has basically promised to make good on this account, so any delinquencies will show up on her credit report as well.

    Being added as an “authorized user” has its risks, for you as well as the person giving you access to the card.

    If your father makes you an authorized user of his credit card, for example, his history with that account can be imported to your credit bureau file, giving you an instant credit record. If he has handled the account well, that reflects well on you. But if he hasn't, his mistakes would also become yours. Any late payments or other problems could make it harder for you to get future credit than if you’d established your history without help.

    Even if you trust the person adding you to the card, you may not be able to piggyback on his or her credit. Some credit issuers won’t report authorized users to the credit bureaus, particularly if the user is not married to the original card holder. If the point is to give you a credit history, the person who’s adding you as an authorized user should call the issuer and ask how (or if) your status as a user will be reported.

  24. #24
    Senior Member Eszekial's Avatar
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    Quote Originally Posted by jdeity
    as far as number 2 goes, isn't the length of your ownership of that card important, regardless of use?

    my situation is similar to yours, i got a credit card maybe 3 years ago, and now have a 750ish fico and about 10K of credit from my CC's; on my fico report one of the ways to increase my score is to have longer history with same cards :

    "Why Is My Score 751 ?
    Source: FairIsaac


    1. The length of time your revolving/charge accounts have been established is too short.

    This factor is based on the age of the revolving/charge accounts on your credit bureau report (the age of your oldest revolving/charge account, the average age of your revolving/charge accounts, or both). Research shows that consumers with longer credit histories have better repayment risk than those with shorter credit histories. Also, consumers who frequently open new accounts have greater repayment risk than those who do not.

    2. The length of time your accounts have been established is relatively short.

    This factor is based on the age of the accounts on your credit bureau report (the age of the oldest account, the average age of accounts, or both). Research shows that consumers with longer credit histories have better repayment risk than those with shorter credit histories. Also, consumers who frequently open new accounts have greater repayment risk than those who don't. "


    (BTW, that is direct from my login page on my providian credit card. it has no annual fee, and has my current fico every month. i don't even use the card, i just keep it for constant credit score access)

    Fair Issac AKA Experian is usually the lower credit rating for 80% of people. Your other scores on a tri-merge report might be 10-50 basis points higher. Don't know what, it just usually is.

    The "negatives," you site, are shown on almost every credit report I see. I see hundreds of them a week. Even people with near perfect credit will have those negatives reported.

    the % of your total credit limit being used is a factor. Someone with 1$ in balances and a $2 limit will be worse off then somebody with a $100 balance and a $1000 limit.

    There is actually a catch 22 to having more credit as well. You need to actually use that credit, or eventually a "too many inactive accounts" derogatory will come up." Close inactive accounts.

    For people like ourselves with only 1 account, we will often offer advice to have your credit raised by telling them to open 1-2 more revolving credit lines and to get a bill with those cards. That will often boost your credit.

    I plan on opening some more accounts to break the 760 score before i buy a house.

    Honestly, anything about 780 is a waste of time. Nobody but the richest of the rich will ever distinguish a 750+ with an 800 score. it just doesn't happen.

    if you have a credit score in the 700 range, be happy. People will want to lend you money.
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  25. #25
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    Quote Originally Posted by Eszekial
    There is actually a catch 22 to having more credit as well. You need to actually use that credit, or eventually a "too many inactive accounts" derogatory will come up." Close inactive accounts.

    For people like ourselves with only 1 account, we will often offer advice to have your credit raised by telling them to open 1-2 more revolving credit lines and to get a bill with those cards. That will often boost your credit.
    ohhh.... damnit

    i typically keep them at like zero.... i have 3, one has 800 on it right now, but is typically kept at zero. the other two have been at zero for a while

    how frequently should i use them to avoid them being 'inactive accounts'? do the dollars matter, i mean can i just get milk once a month on all 3 cards? i hate dealing with the cards now that i don't want them to buy things i don't already have money for, and it's a pita to use them and deal w/ paying, but guess i'll have to if that will become a negative thing
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