Advice to pnms beginning their College/University experience…

[alum]

Originally Posted by ucfpnm

Actually, I don't necessarily agree with this. You need to build credit. Find one that's from a reputable organization- Visa, Mastercard etc- take the application home next chance you get (and if they try to pressure you into filling it out right then, just walk away) and look it over with your parents or other knowledgeable adults, and decide if maybe it's for you.

If you get it, DON'T use it all the time, or, really, even ever. Buy one expensive item with it, something that's like $300-$400, I don't know, a TV or something, and pay it off, in installments, on time, to establish credit. As long as you're not stupid with it, having a credit card should be no problem. Just only spend money that you know you have.

If it's a bank credit card, it probably will charge a high interest rate unless you pay your balance in full every month. Read the fine print and make sure you understand it. Paying your cc balance in full every month gives you a much better score than paying the minimum balance.