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Student Credit Card Bad Credit

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Irene Said:

Which student credit card is the best? the worst?

We Answered:

Capital one.

Tracey Said:

Does it look bad to put all of my purchases on my student credit card and then paying it in full?

We Answered:

Once again I must correct the MYTH that paying off the balance every month is good for your credit score. It's is not that way.

Read the source I have provided, it is right from FICO.

I will quote from FICO "Even if you pay off your credit cards in full every month, your credit report may show a balance on those cards. The total balance on your statement is generally the amount that will show in your credit report.

If you were to charge an average of 65% of your credit line every month your score will never increase, this shows on paper that you always carry a high balance.

Creditors only report that you paid on time and the amount, not that you paid in full.

Now paying a balance off and not using the card for a few months so that the creditor will be able to report a $0 balance is good. If you have 2 cards and switch every few months, now that will improve your score.

Hope this helps answer your question

Luis Said:

what credit card is the best one to build credit after it's already bad and what's the best bank to bank with.?

We Answered:

You can't really say what the best company is, it depends on what your looking for. Students usually get a rewards card but this type of card could have higher interest rates which could kill you when you are trying to pay it. You should get a card with less then a 10% interest rate. I know that seems high but compared to the percentage most people have it is pretty good. If you can get 0% you should take it but be careful and make sure that after the period lapses on which you have 0% that you are not being charged 19-20%, instead the percentage rate should be around 12%. You can also try American Express, the usually don't charge interest and have a rewards program with the card but since you have bad credit you may not get approved since they require good credit. Be careful not the apply for too many cards after you've been denied or if your applying for multiple cards since this will have a hard credit point taken off from your credit score. Soft points are for what is considered necessities and do not effect your credit or it doesn't effect it too badly. Hard points are the direct opposite. The best interest rate I've seen are given by Citibank (for the large commercial banks that it). Hope this helps.

Carlos Said:

Credit Card for Student With Bad Credit?

We Answered:

No credit card for you. You have already proved that you have done a botched up job of budgeting and managing your finances.

Any credit card you may get now will be at such a high interest rate that all you will be doing is making the banks portfolio look better.

My suggestion is to get what is called a secured account where you keep a certain amount of money in the bank and the bank lets you borrow your own money at a lesser interest rate.

But the thing is don't use it. You should only use a credit card to secure a hotel room or rental car etc. Pay in full with cash only.

If you don't have the money, you shouldn't be thinking of spending $$$ for things you can't pay for.

Karen Said:

Student credit card or poor credit card? Plase help!!?

We Answered:

You'll probably have a harder time getting approved for a 'student credit card'. Since student credit cards are designed for students with little or no credit history, you might be rejected since you've already established some credit and made these mistakes.

But student credit cards are much more competitive-- with less fees. Personally, I would probably take the risk of applying for the better offer (ie: student card). But if you're worried about the DENIAL and the INQUIRY on your credit report, you might want to go directly for a card for poor credit.

The choice is really up to you. You can find student cards-- and cards for poor credit here:


Leo Said:

Decline of student Credit Card?

We Answered:

By applying at Barclay, it will show as an inquiry on your credit report, it does effect your credit in the case when someone is making a decision for credit or not depending on how many inquiries you've had in the last 18 months. You do not want to apply for too much credit, because this can lower your score. There is no way of knowing if you were declined or if you decided not to do it, only an inquiry on your credit. Since you were approved for one of the cards, just use that one and do not apply for any other credit unless you really need to. Do not do it out of sport. Like when you go to the store and they tell you that you can receive 10% discount by applying for a credit card...DON"T DO IT...Just pace yourself. Your Ad Here

Discuss It!

professional essay service said:

Hmm well I know a lot of students though professional service who have had bad credit due to this credit card service. It is indeed a bad habit and students need to refrain from it. Anyways, this has been nice to learn about, thanks for informing.