6 Credit Card Rules for College Students - Part 2

If you can't get a student credit card, you might want to look into a secured credit card. Only 34.4% of the students who were asked how a secured credit card works knew what it was.

A small deposit is needed to get a secured credit card, which lowers the risk for the credit card company. You get a credit card that lets you buy things.

The money stays in the account until you close your card. If you were good with the card, you will get your deposit back.

You could also add yourself as an authorized user to your parent's credit card. As long as your parent has a good credit score, you'll be able to start building your own.

There are a lot of free tools that can help you with your money. Remember that if you have a solid financial base, you'll know where you stand with your bills and when they're due. But you can add another layer of protection by setting up email and text message reminders.

It's fine if you're not ready or don't want a credit card. You could get a credit-builder loan from your local bank or credit union to help you build your credit history.

Third rule: Pay your bills on time.

Your history of making payments is worth 35% of your FICO score. If you pay all of your bills on time, your credit will improve. And I don't just mean your credit card bill. I mean all of your bills.

Rule No. 4: Don't take a balance with you.

People in the survey were asked to explain what it means to "carry a balance" on a credit card. Only a little more than a third know that it means paying less than the full amount due each month.
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