Build Your Credit Score
02 November 2010 - Which Way To Pay

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Build Your Credit Score

 

It is important to build your credit score as early as you can, to ensure that you have better chances of succeeding financially in later life.

Many people choose to start building up their rating from when their enter their period of study; at university or college, a student credit card could be used to get you started on the credit ladder, as it is a time when you are likely to concentrate more on study than spending!

There are now lots of student credit cards on the American market.  Although there are new rules that require credit card firms to back off campus and not hassle students unnecessarily, you can access great deals via the internet.

Of course it is essential to tread carefully before jumping on the credit card wagon you should ask yourself some important questions before applying:

- What is my budget for university / college?
- Where will my income come from (mom and dad, scholarship, part-time job)?
- Will I rely on the credit card too much?
- What happens if I fall behind on credit card payments?

It is so important to plan ahead only then can you figure out how to spend your money over the years when a full-time job is likely impossible. 

Shop around and compare the offers because card firms are getting more competitive every year.  You can choose from great extra features (cash back, rewards) which could boost your spending power.  If in any doubt, make sure you seek professional financial advice.