How to Get a Student Credit Card in Tough Financial Times |
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by: Janna Weiss
In the past, college students were considered easy targets for credit card marketing. Faced with the promise of easy credit (and maybe an iPod thrown in for good measure), college students, on their own for the first time and eager to taste financial freedom, signed up for credit cards – even if they were unemployed and had no apparent way to pay off their debt. If they ran up the balance on one card, it wasn’t hard to find another creditor waiting with card holder agreement in hand.
Now things have changed. For the first time in years, college students are having a hard time getting approved for credit. While some may consider this a good thing, students need to have access to money in the event of an emergency. If an emergency savings account isn’t available, credit cards are the number one alternative.
If you’re a student who wants to apply for a credit card, follow these three tips for finding and obtaining a card that meets your needs.
Use the Internet
You can go online to look for student credit cards. These cards might have a higher-than-average interest rate, but they are more readily available to college students, who frequently have little or no credit history. You can compare deals on student credit cards right here at CreditorWeb.
Check With Your Bank
Do you have a checking account? If you’ve been doing your banking at the same place for six months to a year, you might have built up some credibility with the bank. Assuming you’ve kept a positive balance and haven’t bounced checks, you could convince your bank to issue you a student credit card on the strength of your financial history and current employment.
Ask Your Parents
It’s not a glamorous solution, but it will get the job done: ask your parents to add you as an authorized user on their credit card account. You will be able to make purchases with the credit card, and the account history will show up on your credit report. Just be aware that your parent’s credit problems can affect you as well. For example, if they max out the credit card or miss some payments, your credit score will suffer along with theirs.
Easy credit isn’t as easy as it used to be. Luckily, there are still steps you can take to find a good student credit card deal. Do a little research and don’t be afraid to ask your bank – or your parents – for help. A solid credit history will open the doors to all the things you’ll need in the future.
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