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Old 04-30-2008, 11:27 PM
maat55 maat55 is offline
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Join Date: Mar 2008
Location: USA
Posts: 141
Default Re: Credit Card for Student

Originally Posted by AllThingsPersonalFinance View Post
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.
I agree completely. A credit rating is not important at this time. Most college students end up with horror stories when getting cards in school. Learning good money management, is very important before taking on debt.

I suggest he read Financial Peace by Dave Ramsey, to understand personal finance before he makes any big financial decissions.
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