It is important for college students to be able to pay for their tuition, books, fees and living expenses while they are attending post-secondary school. A student loan and a scholarship can cover most of the associated costs, but there are still other day to day expenses to consider. If an emergency occurs and the student needs extra cash, then they need a financial back-up plan. A bank credit card can help with these unforeseen expenses and it will also help them to build their credit score.
Credit Score Can Affect Your Bank Credit Card Application
If you have applied for unsecured credit cards or a bank credit card and have had no luck with those, you may be running into the same problem which many people with little or no credit scores face. You must have credit in order to achieve credit. This can be very frustrating for those who have either tarnish on their credit rating due to paying bills late, or don’t have a credit history at all.
If having a credit card is your goal, then you need to start off small. There is a card for bad credit that many people utilize. It may require a deposit to assure the lender that funds are available to match the credit limit. Many people who have bad credit or no credit rating will utilize these cards, as a way to start or re-build credit scores. The downfall is being forced into paying high interest rates and a yearly membership fee that is often ridiculous. Use these as a last alternative.
If you are determined to have a credit card from your bank of choice, then you may want to consider asking your parent to co-sign the application with you. You will have the card in your name, but your parent’s credit score will determine your interest rate and your credit card limit. This is a great way to get a 0 APR credit card and start to build your own credit rating.
Do Not Go For A Shopping Spree With Your Credit Card
Okay, you have obtained a bank credit card and now have the freedom to spend up to your credit limit. What comes next? Well, it should not be a shopping spree. This is the time to use some restraint. It can be thrilling the first time you hand over that piece of plastic to the store clerk, but you must always remember to use it wisely. With that small piece of plastic comes great responsibility. You will need to make your payments on time and always try to keep a minimum balance that you can pay off.
Watch the video related to Bank Credit
Introduction to the income statement of a bank (and to income statements in general).
Help answer the question aboutBank Credit
What do you do when you're declined a college bank credit card?IF you have always had good credit and recently you went over your credit card limit accidently and are making payments? What to do to get the college bank credit card ?
October 6th, 2009 on 7:23 am
They aren’t really using their equity, but rather other people’s money. Equity is a claim against assets; here that is initially the $1m building, then the $200k interest that came in for total $1.2m. Also, in the purest sense, the interest is payment for matching up people’s savings with borrowers and assuming all risks, as still owe savers their money + promised interest.
October 6th, 2009 on 7:23 am
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October 6th, 2009 on 7:23 am
pretty good for beginnners
October 6th, 2009 on 7:23 am
lol, my teacher worked at coca-cola factory so my teacher knows what he is talking about… im just here for the fun
October 6th, 2009 on 7:23 am
so… how does this help the little guy out?
October 6th, 2009 on 7:23 am
This video is interesting because it helps to demonstrate how the rich get richer faster than the rest of us, as banks (for example) can make investments from their own equity without requiring a loan, i.e. no interest to deal with.
October 6th, 2009 on 7:23 am
Thank you so much. All your videos are very helpful. I know I might be demanding too much but can you post some basic videos on electronics and computers…
October 6th, 2009 on 7:23 am
I wish my Economics teacher could teach like you. Great video, thanks for posting.
October 6th, 2009 on 7:23 am
WOW! You should teach teachers how to teach…
October 6th, 2009 on 7:23 am
The autopay fee is because you didn't ask when you made the $8.36 payment, but they charged you for paying it by credit card. Always ask if there is a fee for using a credit card.
The finance charge is from last month. It was the interest you incurred between the time the payment was due and the time you paid it off. Chances are you'll have another $1 due at the end of this period too. Just pay it, stop using it, and be done with it.
October 6th, 2009 on 7:23 am
You could try making an offer to your creditors, but you have to follow through if they accept, and it will hurt your credit rating, but it may keep your wages from being attached. And ignore these jokers that tell you that your going to make a ton of money at home, their spammers.
October 6th, 2009 on 7:23 am
I use to practice bankruptcy law and many of my clients would get secured cards to build their credit back up. Capital One had the best secured card in those days. Yes, a secured card, if handled correctly will build credit for you and yes, you will get your deposit back (it even earns some interest). You should make your deposit as large as possible to get the largest credit limit you can. Use it every month, even if it's just a small purchase. Pay it on time – always. Try to never exceed 30% of your credit limit.
Good luck.
October 6th, 2009 on 7:23 am
The maximum garnishment is 25% for all parties that have won any judgments against you…..If one firm is already garnishing at 25%….another firm that has won a judgement could not add another garnishment on top of that…they'd have to wait their turn in line until the first garnishment if finished.
October 6th, 2009 on 7:23 am
October 6th, 2009 on 7:23 am
Well, you probably don't want to hear this but do you really have to take the beach trip? It would be in your best interest to take the money you earn this summer and pay off your credit card. Then use what is left for books. I realize your credit card is 0% interest until Nov, but once school starts it sounds like you will not be making any money to pay it off. Try not to touch your savings, you will be glad you have it once you graduate. Good luck.
October 6th, 2009 on 7:23 am
Pay off ur credit card no question about it.
put away the car loan payment, and jut take 2,000 for ur trip.and the rest put it away.
i have no idea where r u going but if u think that u r not going to need alot of money then just take 1500 hundred,and save the rest.
but pay off ur credit card.
i hope i help with ur question.take care an have a good time in ur trip.
October 6th, 2009 on 7:23 am
The congress who by many accounts are the worst and do the lest in the history of rating congress,but they gave themselves a pay raise,we the people should vote on congress getting a raise,after all we are supposed to be their boss,I think we send way to much aid overseas,we should first take care of our people,then give aid to others who deserve it and not money either,food or medicine.I am a disabled veteran,who had to fight for two years to get my SSDBI and I am on an appeal for the 42 months now and have no idea on when I will get my hearing,I get by on what I get but I had to fight for what I had spent my life earning and had to use a lawyer to get SSDBI so that cost me about $5,000 out of my back pay.I agree that businesses should have an on the job training program,they pay half your wages and the Government pays the other half until the person is trained to do a job then the company pays the entire wage or salary.Many changes are needed to make this country even better ..
October 6th, 2009 on 7:23 am
I've been in this mess too. If it's the first time it happened with your bank, I would dress like your going to a job interview, go down to the bank and ask to speak to a manager (there is usually not much sense talking to a teller because they don't have the authority to help you.)
Explain your situation to the manager, BE POLITE, don't nag or whine, she or he are under no obligation to help you out, but if your'e nice about it and have regular money coming in to deposit to cover your overdraft(point this out to them), they can probably get rid of most of those fees – you'll still have to pay whatever you've spent, of course.
Also realize that when you check your balance at an ATM it is usually your balance from a few days ago, specially if you are checking on an ATM other than your bank's. The ATM system is far from perfect, but your bank will hold you accountable anyway.
If you get a credit card, try VERY hard not to use it, the fees they charge just for using it make the fees you owe the bank right now look small !!!
When I was your age I was actually arrested and taken to jail for boucing a $5 check that I didn't even know about – just remember that you will be held responsible for what you spend and you just can't spend money that you don't have – It will come back to bite you, even if you get away with it for a while.
good luck