There are many student credit cards available that will allow a college student, or even a high school student for that matter, to build some form of a credit history. New credit card rules make it harder for credit card companies to take advantage of young men and women who are trying to get a credit card. Parents that may want to help their children build a credit history might have to cosign depending on the age of the child, but there are cards available for young students.
However, a secured credit card can also be beneficial for someone who wants to build a credit history while they are in school. Many people will exit college and still have very little credit history and a low credit score, which can make things like getting a home or even getting a job more difficult.
It’s important to remember that a credit card for a student or a secured credit card is to be used as a tool that will help increase their credit score and it is not free money. In the past, student credit cards were often defaulted and this causes trouble for a student’s credit score down the road since they are not building a credit history, but actually setting themselves in a worse financial state than they were.
There are many student credit card offers and secured credit cards available for anyone who wants to take this route and build a better credit history. However it will be necessary to do homework because there are many lenders who would use this opportunity to take advantage of a student in need of a credit card. Finding a secured credit card or a student credit card with low fees and a low interest rate is going to be in a student’s best interest.
By taking the time to find the right card and using it wisely, any student will find that they can easily build a positive credit history and a great credit score before they even graduate college.