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Student Credit Card Gaffes Could Put Your Credit Score On Backtrack For A Very Long Time

(C) Copyright. All Rights Reserved. Do not reproduce without permission. Nimish Thakkar, MS, MBA, MEC, CCMC, CPRW, SaiCareers.com, NY

Students often jump at the thought of signing-up for a credit card. For cash-strapped college students, a student credit card offer is often an extra source of money. This thought process could be very harmful, though. While student credit cards are a great start to build your financial future and credit history, they should never be used as a source of “extra cash”. Statistically, students are the most vulnerable population when it comes to debt accumulation.

Given the long-term implications of poor credit management, you should be wary of the following common student credit card mistakes:

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Don’t sign-up for the company that markets to you first

You may have seen flyers on campus or found credit card application forms in your dorm room – and these days e-mail offers, of course. Though convenient, you could be signing up for the wrong credit card. Always do your due diligence and take your time to compare student credit card offers from multiple companies. From best cashback credit card that will offer 0% intro APRs to student travel rewards credit cards, there are a number of options that you could take serious advantage of.

Understand your usage behavior

Let’s say you travel very frequently. If so, you may want to compare travel credit cards but if you are a heavy shopper, cashback comparison would be more appropriate for you. The credit card you sign-up for would depend on your usage pattern, your personality, and your overall needs.

Signing-up for the right credit card (as opposed to cheap credit card rates that are mailed to you), will help you take advantage of rewards and bonuses on behavioral patterns that you are already accustomed to.

Don’t carry huge balances

It may be tempting to procrastinate paying that credit card bill that was just mailed to you, but this mentality is a sure-fast way to get you trapped into debts for a very, very long time to come. Besides, it is not healthy for your credit card score as well.

Never skip the legalese

I know the fine print is “not cool” but that shouldn’t deter you from going through it with a toothcomb. Think of it as another project and go through it with a fine toothcomb. I can’t tell you how important this step is. If you don’t understand the terms thoroughly, you could end up paying so much more money in the long run. Seriously, don’t take this step lightly.

Your student days are your foundation for a strong financial future. If you take the right steps at this stage, you will do very well in the long run. Remember, once your credit score gets dented due to delinquencies and other issues, it will take you almost seven years to get back on trap. At your age, bankruptcy may be a bad idea too. So, do yourself a favor and avoid some common credit card mistakes most people make as students. When you are out of college and facing real life, you will thank yourself for having played safe.

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