Wednesday, October 19, 2005

Some tips for students wanting to build good credit history...

Limit the number of credit cards you acquire to help limit your debt exposure and simplify your record keeping. Be aware that excessive credit inquiries over a short span of time may be interpreted as an indicator that you need more credit due to experiencing financial problems.
Try to pay your balance in full each month. Otherwise, make sure you send more than the minimum payment required.

Set your own credit limit and start to establish a savings fund for emergencies,
Use credit wisely. Ask yourself the following questions before purchasing with credit: Is this something I really need, and do I need it now? Do I have the ability to repay? How long will it take me to repay? How much will it ultimately cost me?

Be aware of the terms and costs when shopping for a student credit card.

Analyze your statements carefully and immediately inform your credit card company, in writing, if you notice an error on a billing statement.

Analyze your credit reports periodically and check for inaccurate, incomplete or outdated information. Dispute this information, in writing, with the credit bureaus.

More tips to come soon...stay posted....

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