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Hello everyone… need your help to decide this… I am still in school but I want to establish my credit. I am thinking of going for a credit card. I know all the responsibilities of having a credit card, I m just wondering if it would be acceptable for me to contact a credit card company and ask them to give me a credit card.

Niicss · Posted: Tue Jan 03, 2012 3:54 am Post subject:

Though you're in school, you will be able to get a credit card in your name but your father or any guardian will have to be the co-signer for that card. If you have such a co-signer for your card, then you should start contacting the local credit card companies.

gmakerley · Posted: Tue Jan 03, 2012 1:40 pm Post subject:

Student, you're smart to begin thinking this way. In addition to the cards that most financial institutions grant, you can also look at a secured credit card. With those, you'd use your bank account balance (say $500 or so) as collateral for the card. By so doing, you'd be given a comparable credit limit to use, and in the event of your defaulting on payments (we hope not), the lender could take the required payment amount directly from the bank account and not lose anything on the transaction.

A local credit union or bank might offer such a card to you - depending, of course, on your qualifications of age, employment, etc. In fact, you may want to get two - handle them well and you'll be on your way to a good credit background.

"handle them" - by this I mean you ought to use the card(s) sparingly, charging only what you can afford to pay back when the bill arrives. Pay it in full so as to avoid paying interest and continue to do the same thing month by month so as to establish an excellent payment history.

joshuaheckathorn · Posted: Tue Jan 03, 2012 7:29 pm Post subject:

Where do you bank? Check there first and see if they offer a student credit card that provides some kind of rewards program. If you don't have a job and your own income, you'll likely need one of your parents to cosign the application for you.

sabrinatoss · Posted: Wed Jan 04, 2012 2:06 am Post subject: Credit ...

Hello Student,

Everything depends on how your account is set up before the rates you pay are actually determined. To receive the best rates possible, it is important to understand how the costs will affect your revenue.

Idea

gmakerley · Posted: Wed Jan 04, 2012 12:36 pm Post subject:

Good thought there, Joshua.

Sabrina, I don't follow your line of reasoning. What costs will our student encounter depending on "how the account is set up"? Virtually every creditor allows repayment in full monthly with no resulting interest charges. The only other fees/costs that I'm familiar with would be an annual fee, for example. Late fees (our student will never be late!) are pretty much a fixed number as well.

Please elaborate so we can discern what it is you mean here.

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