How To Ruin Your Credit While Still In College
Ruining your existing credit or establishing bad credit is extremely easy to do! College students can get credit cards at will due to the aggressive card company techniques. Students are literally inundated by card offers and often times it's right on there own campus. They have their choice of credit cards and can actually end up with multiple credit cards of their very own. Being out on their own for the first time never having to manage money coupled with readily available credit can be a huge plus when trying to build bad credit. Follow along and I'll show how to ruin your credit and some of the implications of doing so.
Lousy credit will show prospective employers that you are not responsible so kiss that awesome job goodbye. Want to rent an apartment, forget it, no landlord in their right mind is going to rent to you with bad credit. You'll get to pay more for insurance and utility companies will probably require a deposit before providing you service.
Now for the actual techniques. The first and best one is to always pay late or not at all. Nothing says "Loser" like paying late or never paying at all.
Spending over your cards credit limit is another great way to lower that credit score. When you exceed the limit you can be sure the credit card company is going to raise your interest rate dramatically.
Always keep a balance and never pay it off. Also make sure that your balance is always a high percentage of your available credit. Keeping the balance high will assure a poor credit score.
When you are dead broke use that cash advance feature of you card and use regularly. Can't make ends meet at the end of the month, use your credit card to make up the difference. This technique for lowering your credit score provides another great benefit because your credit card company is going to charge you a boatload interest effectively increasing your cards balance.
Take advantage of every card offer you come across so you can keep transferring your balance. The key here is to make sure you close the card you transferred from as this will negatively affect your credit. As an added negative bonus you can make sure that each successive card has a higher interest rate.
I told you it was going to be a snap to ruin your credit. An unintended result of this article is that you should now understand exactly how to establish good credit by doing just the opposite of what I have told you to do above. It's your choice! - 16931
Lousy credit will show prospective employers that you are not responsible so kiss that awesome job goodbye. Want to rent an apartment, forget it, no landlord in their right mind is going to rent to you with bad credit. You'll get to pay more for insurance and utility companies will probably require a deposit before providing you service.
Now for the actual techniques. The first and best one is to always pay late or not at all. Nothing says "Loser" like paying late or never paying at all.
Spending over your cards credit limit is another great way to lower that credit score. When you exceed the limit you can be sure the credit card company is going to raise your interest rate dramatically.
Always keep a balance and never pay it off. Also make sure that your balance is always a high percentage of your available credit. Keeping the balance high will assure a poor credit score.
When you are dead broke use that cash advance feature of you card and use regularly. Can't make ends meet at the end of the month, use your credit card to make up the difference. This technique for lowering your credit score provides another great benefit because your credit card company is going to charge you a boatload interest effectively increasing your cards balance.
Take advantage of every card offer you come across so you can keep transferring your balance. The key here is to make sure you close the card you transferred from as this will negatively affect your credit. As an added negative bonus you can make sure that each successive card has a higher interest rate.
I told you it was going to be a snap to ruin your credit. An unintended result of this article is that you should now understand exactly how to establish good credit by doing just the opposite of what I have told you to do above. It's your choice! - 16931
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So you have learned how to ruin your credit (or build a good credit history) you need to compare the different card offers. Here is a great source of information on visa college card offers from numerous companies. Start establishing your credit today!
posted by Edgar at
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