View Single Post
  #11  
Old 04-28-2008, 11:21 PM
AllThingsPersonalFinance AllThingsPersonalFinance is offline
Member
 
Join Date: Apr 2008
Location: GA, USA
Posts: 68
Default Re: Credit Card for Student

Quote:
Originally Posted by mun View Post
I was wondering if I should get one now. I am 18 and have a car.
I was thinking its a good way to build credit.

I live in Canada BC. Which one do you guys recomend
Despite the advice that you get that sees no fault in getting a credit card to build your credit history, at 18, I do not believe this is a good idea for you.

If you want a credit card, get a secured card. This is a card whose limit is secured by an amount of money that you deposit into a savings account with the credit issuer. After 6 months or so, you can ask for the card to be converted to a regular card that does not have the requirement for a deposit to be made in order to grant a balance limit.

There is more to learn at 18 than how to build a credit rating - getting and keeping a good job, furthering your education, picking good friends, balancing personal and professional needs, learning to drive safely, etc. You get the idea.

When you see yourself two years from buying your first home, then start working on your credit.
Reply With Quote

Old Sponsors