Student Credit Card and Credit Education Blog

As Little Miss Platinum I enjoy taking my plastic to the mall just as much as all of you do.  All of us twenty-something girls probably first discovered our love for the mall and shopping while playing Mall Madness at slumber parties. The goal of this game was to be the first player to buy six items on your shopping list and get back to the parking lot. Each player received their own credit card which made purchasing items a piece of cake.

However, that was just a game and in real life we usually have to think twice before swiping a credit card.  Credit cards are great when they are used responsibly, but as Mall Madness taught us as kids, the plastic has to be backed up with cash. This is the time of year when we tend to start shopping a lot. Between Christmas presents and new outfits for holiday parties having a credit card can lead to a lot of damage. Damage can lead to having to improve your credit score.

Over the years I have learned this the hard way. I have made purchases with credit that I could not back up with cash. However, I now consider myself to be a responsible shopper.  Little Miss Platinum’s shopping advice is this:

1: Never spend more that what you already have in the bank.

2: Do not be fooled by this evil four letter word: SALE. If something is on sale it is not automatically a justified purchase.

3: Before you make a purchase think about whether or not the item is a need or a want.

4: If you are unsure about an item do not be afraid to think about it for a few days because, unlike the game, making a purchase is not a race.

ScholarshipPoints Bonus Code: MALLMADNESS

Poor and college students go together like rhythm and blues.  As soon as one bill gets paid “poof” another one surfaces. It’s really tough when you’re living for today with minimal means while planning for tomorrow, which is what college is all about. Toss in your occasional $25 overdraft charge and it feels like you’ll never be able to climb out of that financial ditch.

It’s embarrassing to admit but when I was in college I used to gather loose change from underneath the seat cushions of the couch in the common area. There was nothing like the taste of a Pepsi I didn’t have to pay for, and sadly couldn’t pay for. But it doesn’t have to be that way for you. There are ways to bridge the gap between now and your winter break when most students grab some seasonal work. A credit card by Citi can serve as your best friend over the short term.

The real key to credit card discipline is identifying needs and wants and only using it for the needs. Unfortunately that line sometimes gets blurred by many young adults which leads to a sizable credit card balance. Charging a $299 PS3 system on your credit card is clearly a want and not a sensible purchase while using your card for such essentials as gas and food is a reasonable need. Still, if you don’t trust yourself completely you may want to request a lower line of credit or set a credit limit alert for yourself, which Citi offers to all its cardholders.

The credit limit alert system is great because it sends you an immediate email notification if you are getting close to your credit limit. It really is a terrific way of monitoring yourself. With a modest line of credit and a credit line alert you will ensure you’re in control of your spending.

College is stressful enough without wondering if you can make it from here to there because your tank is buried on “E” or stressing out over how much money is left on your credit line. Just think of Citi as the perfect last line of defense. Oh yeah, and as an added perk you can earn points as you spend to use toward gift cards, concert tickets, video games, airline tickets, mp3 players, DVD’s and much more. Qualified applicants can even score a 0% APR on purchases and balance transfer balances for the first 6 months.

So if the seat cushions at your school come up bare now you know you have another option.

The best college cards for students: Citi mtvU & Citi Forward card

ScholarshipPoints code: FINLNEEDS

Risk exposes you to the chance of something bad happening to you, but educating yourself is your best weapon at your disposal to minimize that risk.

Billionaire Warren Buffet, who was named the richest man in the world by Forbes in 2008 with an estimated net worth of 62 billion at the time once said, “Risk comes from not knowing what you’re doing.”  Don’t blindly walk through life taking advice from people.  Educate yourself.  Whether is it about credit cards, 401K plans, 529 accounts, an IRA, or anything else.

Everything is kind of scary until you do your homework and become informed.  StudentPlatinum is an excellent resource for anyone wanting to become risk averse as it is chalked full of great information.   You can even post queries in the StudentPlatinum Forum where our experts will guide you.

Turn that risk into certainty!

During my first month of school as a college Freshman I attended College Fest. College Fest was a huge back to school festival featuring live performances, contests and “free stuff”. As a freshman in college I could not resist free stuff! There were credit card companies everywhere giving away free t-shirts, backpacks and water bottles to any student who would sign up for one of their cards. I thought it was awesome! I signed up for three cards that day and walked away with a big bag of swag.

After a week or so I had completely forgotten about the cards I had signed up for, that is until my Mom came out for a visit with a pile of mail.  I got a tongue lashing from her as she held up my newly minted credit cards.  I promptly canceled all three and did not apply for another card until my senior year of college.

What  I neglected to realize is that there is a right way and a wrong way to get your first credit card. The wrong way is to sign up for any old card just to get a free t-shirt. We all hate to do laundry, but one more extra large t-shirt is not going to make a huge difference in your wardrobe. What you need is a place to go where you can educate yourself about credit, like you are today. We can aid you with your credit card research and help determine the best credit card for you. We also provide credit education for students wanting to learn about APR, FICO scores, debt management, and money matter topics. I wish a site like this was around when I was a college freshman.

The truth is having a credit card to use while in college would have been beneficial for me, because it would have helped me establish credit before I dawned my cap and gown. It would have also taught me how to be a responsible credit card holder. Establishing a credit history in college can help you get a loan, buy a car, and rent an apartment when you graduate. When I bought my first car after college I needed to have someone cosign the loan since I had almost no credit history. Once again I was at Mom’s doorstep.

A credit card is also beneficial because it gives you security in emergency situations and enhances you sense of personal responsibility.  If you establish healthy credit practices in college chances are they’ll follow you for a lifetime.  I have a credit card that I use to make almost all of my purchases now, however, I make sure I do not spend more than I have in the bank and I pay it off in full every month. Because of this I have established excellent credit and was recently able to secure a mortgage to buy my first home. Having good credit really does pay.

The sooner you realize it’s a plastic world the better off you’ll be.  Leave the t-shirts, backpacks and water bottles for the others to fight over.  You’re on a different plan.  You’re on the fast track to establishing a solid credit foundation that will set you up for the rest of your life.

CHECK OUT THE BEST STUDENT CREDIT CARDS

ScholarshipPoints code: WISECREDIT

From Student Loan News, Updates and Blog Posts » Credit Cards:

As you head back to school, some back to school financial aid tips…

Avoid credit reps on campus. You don’t need that free t-shirt, and a lot of inquires can hurt your FICO score.  (Your FICO score is used to determine your eligibility for student loans and other credit products.)
Make a budget BEFORE [...]

Originally published by Student Loan News, Updates and Blog Posts » Credit Cards.

From Student Loan News, Updates and Blog Posts » Credit Cards:

We are often asked: What loans are available for students with bad credit?”.  In short, your options are limited.
We would always recommend you work on building your credit.  Visit www.studentplatinum.com to learn more about credit, how to build good credit and how to repair your credit if it goes south.
For some detailed information on Bad [...]

Originally published by Student Loan News, Updates and Blog Posts » Credit Cards.

From Student Loan News, Updates and Blog Posts » Credit Cards:

It’s not the gun, but the person pulling the trigger that’s ultimately guilty of the crime. The same principle applies to credit cards and debt. Who’s really at fault when credit card debt gets out of control? Is it the person swiping the card or the bank that handed it to them? Or perhaps it’s [...]

Originally published by Student Loan News, Updates and Blog Posts » Credit Cards.