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Credit cards for college students offer a great way for young people to establish their credit histories while they are still in school. They are great to have in case of an emergency when quick cash is needed. Also in a world were transactions take place online, these cards come in handy.
Credit cards for college students work just like your normal credit card. You can make purchases or take out cash advances. The card carrier is still responsible for making payments on time or risk being assessed late fees and interest.
In order to get a card, the student will need to complete an application. They must demonstrate that they can pay the bill each month by having a job or having a parent co-sign. The interest rate will be higher since banks view students as high risk due to the fact most of them don't have full time jobs. You still start with a lower line of credit which may increase once you prove that you are a responsible card holder.
Although having a charge card can have a host of benefits, there are many pitfalls that must be avoided. For many students, this will be the first time in their lives that they have this much purchasing power. It can be tempting to go out and buy things you don't necessarily need. That 40" flat screen for the dorm room or Coach Bag to carry around campus would be really cool. You can run the risk of charging near your credit limit or having payments that you can't afford. You don't want to ruin your credit before you even graduate.
Credit cards for college students are great for establishing a good credit history, only if used wisely. Conversely, you can ruin your credit history before you have you first full time job. The best use of credit cards while still in school is to only charge amounts that you can pay in full at the end of the month. Find More Credits Card For College Students: Good Or Bad? Articles
Question by chelsy132: How can you get into a home without any money down, bad credit and substancial debt? I have been in and out of the hospital and am unable to work , my husband makes over $ 55,000 a year but we are a family of 5 crammed into a 2 bedroom apt. He has student loans and bad credit from divorce. He had a home from his previous marriage, but I have never been a home owner. The question is how can we get out of this hole we are in and start moving on with our life? Iwant to try to be in a home b4 my 3 yr old son starts school.. because the schools where I currently live are unsatisfactory. we currently pay $ 650 a month in rent .. which is more than most of my friends house payments so I am wondering how do I get started trying to improve our situation and get into a home .. with $ 1,000 in debt each month and no way to possibly save for a down payment of any kind. We have paid our rent every month, that is one thing we do make sure gets paid . have been in and out of the hospital and am unable to work , though we have not asked or have been receiving any assistance what so ever. My conditions include spinal bone growths, organ failure and chronic pain , which makes it difficult to just care for my son and my 2 step sons (which are all under the age of 12), Since my doctors have told me I am physically unable to work right now options for going back to work are not really there. My husband works 12 hour days at his job, that he has held for over 7 years. We have 1 car( that is paid off). Our rent of $ 650 a month that we do pay does not include our utlities or anything else. Our phone bills, electric, cable, water all get paid as well and we have a good payment history with them as well. Our credit debt includes :my husbands government student loans, credit cards from his previous marriage, and one month of car insurance not paid by me after I went into the hospital. we are looking for a home in the $ 50-$ 100k price range .. so that we can make our payments. Best answer for How can you get into a home without any money down, bad credit and substancial debt?:
Answer by General Custer
see a bankruptcy attorney and your state housing authority
Answer by Ryan
Try going to a new home builder. Like getting a new car, a new home will probably be easier to get into than a used home. My wife are only 24 years old and also have bad credit (560 for me 580 for her) and debt ($ 3k owed to an apt. complex for broken lease among other things). Combined we only make about $ 40-45k a year which is less than your husband. The home builder that we were with couldn't get us financed in house with them but because they wanted our business our loan officer referred us to another company that got us approved. This company was actually able to use my wife's credit with my income level but this might have worked well for use because we work in the same company. To be honest with you your financial situation seems to balance out with ours because we have not kids but we do pay for a $ 450/mo. car note and our mortgage is $ 950/mo. as opposed to the $ 650 you say that your friends are paying for mortgage. The only thing you must be aware of is property taxes. Property taxes range in different areas but they may be anywhere from $ 2,000-$ 6,000 or more per year depending on where you live. Your lien holder can include this into your note as a monthly payment and many times will depending on your type of loan (conventional, fha, 80/20, etc.). Our taxes for our area are about $ 4,500 a year which puts us at about an additional $ 400/mo. bringing our total monthly payment to around $ 1350. If you think that getting a used house might be cheaper, do your research. We were able to buy our house for $ 130k which is about the price that the used homes were selling for. It only made sense to get a brand new house that cost as much as a used house. The figures however will still run the same with the same taxes and same interest rate only you might have a tougher time getting a loan because there is no one pushing to get your business except for the loan officer and/or real estate agent who can only do so much for you. New home builders have many contacts that make buying a house a possibility for anyone.
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