Why Do College Students need to Get a Credit Card?

Why is it especially important for college students to apply for a credit card? A young adult getting a credit card might seem more like a problem than a necessity. This can be true, but don’t occur as often as many people think. Yet the benefits getting the credit card will help a lot in the end of the day. You might not believe me now, but by the end of the article, you might be excited to get your own credit card.

get a credit card

The One and Only Credit Score
This is a problem that young adults have. As a college student you have no credit, and the little bit that you do is not enough to get a large loan in the future. Many of us want to get loans for that new card, apartment, home or anything else after college. However with the credit scores of the average college student you will most likely need another people to cosign with you. This can change though with getting a credit card as soon as you can and being a bit responsible.

So what happens when you first get a credit card? The credit card company will check your credit score, which will then tank your credit. Bad. However after a few months of buying something with your credit card and paying it back, you can find your credit score slowly increased to the point where it might even be higher than when you first started.

This is the same thing that happens with loans and any other debt related activities. The credit check will damage your credit score, but by paying back the debt that you are owed, you can slowly attain a good credit score. Towards the end of your college years this large credit score can help to get that next loan to start a business, your own car, or even a payment on a new home. Either way, in this age, credit is crucial and is everything to get started with your new life after college.

Being Responsible?
A problem that comes up when people take on these credit cards is the ability to be responsible. This card may seem nice and shiny, but these companies that issue credit cards do not earn money by letting people go into debt without charging a price. With credit cards comes an enormous amount of responsibility. Don’t ever try and spend more money that you have. Instead take what you have and only spend half of what you earn and can pay back.

If college students can appropriately be responsible for their actions with a credit card then getting one is only going to help them in the future.