Before You Apply for a Student Credit Card
Students are presented numerous offers for credit cards. Some of them view credit cards as the basic means of sustaining for their lifestyle. Before you make your first steps in the credit card field you should acquaint yourself with several important aspects.
As you know there is no free lunch today, so every offer you receive from credit card companies comes with its corresponding price. Thus, before selecting a particular credit card it is wise to look for those that provide low interest rates.
Many of the offers provided to students come with a zero percent interest rate, so you should sign for one of them. The bottom of the credit card statement of the credit card you currently hold will show you the amount of the APR you are charged. You can always try to negotiate the lowering of a high interest rate with the company that has issued your credit card. Another option is to transfer the balances you have to another credit issuer, who is willing and able to give you lower interest rates.
Another thing you should know about student credit cards is that most of them provide different bonuses. They come in different forms, such as cash backs on purchases made. You should try to find such a card and take advantage of the rewards it offers.
Finally, you should remember that you should work on the value of your credit score. The latter represents the numerical summary of your credit report and the higher this number is the better. Your credit score will be used as a gauge for your creditworthiness by lenders and creditors. It will determine the interest rates you get on the student loans you can apply on.
Therefore, it is advisable while you are in college and use student credit cards to pay your bills promptly and not go beyond your credit limit.
If you have made some kind of mistake that have damaged your credit record you should do your best in fixing it. Mind that this will not happen overnight, but instead time is needed. You can also use credit repair services that will help you in fixing your credit report. However, before selecting a company to repair your credit score, you should make a careful research since there are many unprofessional companies in this field, promising services they cannot complete.
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