Getting to college and keeping up with your studies is hard
enough and let's not forget the weekend jobs and late night
shift. To top this off you have to worry about the building
credit and your financial "reputation."
What is this world coming to?
Take a deep breath and sit back. Like most problems in life,
this one too has a solution that is not as hard as it seems.
Let's start with "credit worthiness." It simply means that you
appear reliable enough for financial firms to lend you money.
These are some tips to help you build and maintain "credit
worthiness."
* Pay your
student credit cards on time. On time means
before the due date. You see, even one day late, is late and you
don't want to appear tardy to those who want to lend you money.
They translate it to irresponsible.
* Don't go overboard and over your credit limit. Staying below
your credit card limit demonstrates your ability to manage your
money. You come across as reliable. Try to keep your account
balances less than 50% of your available credit.
* Less is better. Think of this as a love relationship. You find
the one you love and really nourish that relationship. If you
have too many relationships, they will remain on the shallow
end. In life, you will need depth.
Limit the number of credit cards you acquire or even apply for.
How would you feel if your girl friend or boy friend started
asking others for dates? Just asking someone else for a date
indicates some kind of a problem, doesn't it? Excessive credit
inquiries over a short time are interpreted as you having
financial problems.
* Try to pay your balance in full each month or at least make
sure you send more than the minimum payment required.
* Ignore the pressures that you may feel in social
circumstances. You live much longer than you think and most
people you now know will not be as close to you in a few years.
Your debts will be with you for much longer if you are not
careful. Work on some basic emotional disciplines like asking
yourself if you really need something before you charge it. Or,
can you repay the charge and if so how long will it take you? If
it takes you longer to pay the credit card debt than it takes
you to finish college, you may think about that purchase
twice.
* Compare the terms and costs when shopping for a
student credit card.
* Review your student credit card statements carefully and write
to your credit card company as soon as you notice an error on a
billing statement. Don't just call them, write to them and keep
a copy.
* Review your credit reports and check for inaccurate,
incomplete or outdated information. You have the right to
dispute inaccurate information.
* Keep in touch with your creditors, report your card as lost or
stolen immediately, let them know of an address change
immediately, inform them of telephone number change immediately.
I know, that is a lot of "immediately" in one sentence.
* Keep your friendships a little on the distant side and don't
open joint accounts easily. As I said, most people you know now
regardless of how close you feel to them, may be much more
distant both geographically and emotionally in a few years.
If you get into trouble, despite your best efforts, exercise
courage and honesty. If you can't pay your bills on time, pick
up the phone and call your creditor to explain your situation
and ask them for advice. Creditors will often work with you to
come up with an alternate payment arrangement.
I leave you with a quote with James Lane Allen, "You are the one
who must choose your place." May you be happy with your
choices.
About the author:
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