As college students, many of us are under enormous pressure all of the time and are stressing about our lives. We worry about academics, housing rent, books, social life, and ect. Times like this I miss high school where we relied on our parents to provide and care for us. We never had to worry on things like credit cards when we could ask our parents for cash (again many of us not all).
As an independent college student, we now have to provide for ourselves. Money is the huge issue and complication in my life, as it is with many other millennials.
The whole point of attending college was to get a degree so that one day I would have a career that I love, pays well, and be able to financially support myself with.
In the process of a getting a college degree, I had to provide for myself.
I have numerous loans and a few scholarships that help alleviate the high cost of college.
Unfortunately, it is not enough. This being the reason I looked for alternative means to provide for myself and my future.
This is where I began the process of opening my first credit card. I decided to open a credit to help me pay for a few items. At the same time to also raise my credit score to help me when I one day have to worry about things like a mortgage.
As I never had a credit card before I had to start somewhere.
Applying for Credit Cards
When I first applied for a credit card I was denied. I did not have a high credit score or any credit card history.
I asked a few different people for advice and discovered that the fact that had no income was a huge problem.
I applied to over 30 retail jobs when I eventually heard back at one place. Once I had the job that provided me with a part-time salary, I was finally ready to REALLY apply and get approved for a credit card.
My first step was finding a credit card that would be beneficial for me as a college student and one which would get approved.
There are a few credit cards specifically meant for college students that you should apply to. The two that I have and love is the Discover It and Bank of America Student Credit Card.
I know a common mistake college students make is applying for regular credit cards which is why they are denied. Apply for a college student credit cards and you’ll find yourself more in luck.
My Two Favorite Student Credit Cards:
Another great credit card if you still want more:
If you want to read about the process of applying for credit cards and the benefits of the credit cards I listed I wrote an article Tips to get college students approved for first credit card detailing that.
Pay Day Loans:
Those who are in a real pinch and need quick money continue reading on.
What I am going to talk a little about is my experience with Payday Loans, which I do not recommend unless you really, REALLY need the money.
I needed a few hundred dollars quickly to pay for a community class I was in enrolled and I did not have that cash on me. This is when I discovered Payday Loans.
Payday loans are great in the fact that you don’t need a good credit score or even a credit score really since they don’t look at it. The downside of the payday loan is the APR rate which was around 200% percent.
If you know that you will be able to get the money by the due date and you really need the cash I would go for it. But if you think that you won’t be able to pay by the due date then avoid it since the costs really build up.
I DO NOT RECOMMEND THIS! It is so easy for you to end up falling behind on payments.
Two payday loan websites that I have used and have had luck with are:
Cash Net USA
Check n Go