December 10, 2008
Credit Card Mistakes
By Student Credit Finance
“Did you get your student credit card yet? Ya, I did too. Let’s go on a road trip.” Stop, rewind. These two will probably have a tough credit history ahead of them. Why? Because that student credit card is not for a road trip or impromptu vacation. That very precious student credit card you have just received is for emergencies. What are emergencies? Remember last month when you got that flat tire and you had to wait a week before you could get it fixed because you had no money? That was an emergency.
In the young life of a college student it may not be so easy to distinguish between I want and got a have and I really need this for school. I hope you will allow me to offer some helpful advice and tips. You are a college student because you want to learn. Well, set back and listen to an older college student that has been in your shoes and learn from her mistakes.
I remember the first time I received a credit card. They did not offer “student credit cards” in my day so it was just a regular visa or master card. Of course, this was Many, Many years ago. However, the credit game really has not changed all that much. If I knew then what I know now, financially, I really would be much better off. I am not saying I am poor and destitute, but I am saying to this day I have struggles with credit and do not always get the best interest rate on things that really make a difference such as a home. It is a reality that your credit history will follow you. Yes, things do drop off after a certain (long) time frame, but it puts you in this category of thinking. What do you think, “It is already screwed up, and here goes another mistake.” For most of us, we almost always know when we are about to make the wrong decision. You can fill it in your gut. Listen to it.
Now is the time you need to rewind and back up. Yes, you have made a mistake, but do not keep making those mistakes. Give your credit history a chance to recover and move on to the good part. You see, my credit history follows me because that was my frame of thought. It is not now, but I am older and should have learned many years ago. Some people really are thick headed (me). Do not give way to bad self talk (yes, I like Dr. Phil), and talk to yourself like you would to your best friend. We almost always give our best friend the right advice. Do the same for yourself.
As I said, now is a time of learning, there are bound to be mistakes along the way. Just do not get caught up in the “mistake pattern”. As long as you learn from your mistakes and move forward with better decisions it is all good. So what you need to do now that you have received your first student credit card is enjoy the fact that when an emergency does come up, you will be able to take care of the situation and not put your future financial freedom in jeopardy.
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