Credit Cards

Oh it don't take long, trust me, been there done that.

 

Sure, if you want to get a second card, bury it deep within your wallet and never use it, it might help. Good credit's great to have, and even better to never need.

One thing to consider is that your credit's really not helped by having larger potential spendable credit. You're probably fine where you are.

 

maybe i've been hanging in an odd group, but i have friends who are on full scholarships academically, full scholarships for financial reasons, their parents are paying for all of it, they are paying for all of it through loans and grants, or any combination of the groups. that being said, nobody i know (including my friends who are financing their own way) is really in any substantial debt, as long as they are in state students. i may be completely missing something, but i get the impression it isn't that common to be steeped in debt. for an in state student totally financing their own way, they will most likely get a decent amount from the state, a lot of times they have work study jobs which pay well, and they are left with probably less than 10k in total debt in their four years, which when looked at comparitively, isn't all that bad. besides college debt is a totally different subject, i just don't see what in the world i could go buy in these next couple years to accumulate large credit card debt. like i said, maybe i'm just missing something.

 

it also probalby wouldnt be a bad idea to get a few cards...charge small amounts on them...pay it off and close the account. having many revolving lines of credit open (when you are applying to buy something big)...even though paid off and you were always in good standing with the lender, can be a bad thing. Lenders view this as a potential liability because you could easily run out and max them all out after you've been approved for that big loan.

 

check back here in a few years for bankruptcy how to's....

 

I have to assume then that you live on campus, eat exclusively on campus within the meal card system, do not drive a car, do not leave campus for entertainment, do not buy clothes, music, etc., OR someone else is paying all of your non-school bills for you.

 

That's what i was thinking. I got to where, I'd just use mine for gas, a meal here and there, a beer here and there, then I thought I'd splurge and buy a new PC, because mine was getting old... and slowly it snowballed.

 

My point exactly... :xyzthumbs ....it does not take long and you are buried.

 

Whatever you do, don't charge a New Hitachi H700 Excavator/TracHoe on a credit card. It takes months to pay that bastard off.

 

It is generally not a good idea to buy a second vehicle with your credit card or to perform home improvements with them. Having a high balance on a credit card will kill your credit even if you are never late on your payments.