Higher Credit Score and Student Credit Cards

January 7, 2008

These are some tips to help you build and maintain â€œcredit worthiness.â€

Pay your college credit cards on time. On time means before the due date. You see, even one day late, is late and you donâ€™t want to appear tardy to those who want to lend you money. They translate it to irresponsible.

Donâ€™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, doesnâ€™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.

Technorati Tags: Student Credit Cards, Credit Card Offers