I am a freshman in college, and a friend of mine (also a freshman) is convinced that she doesn't want a credit card, and will never have the need for one. I was always told that it is a good idea to get a low-limit credit card, use it sparingly, life for gas or books, and pay it off in full at the end of each month to help build up a credit score.
So, what are the benefits and drawbacks of a college student (or really anybody) not having (or never having) a credit card?|||Advantage: Building your credit
Disadvantage: Damaging your credit
Hint* It is possible to build credit without credit cards.|||Benefit-builds credit!!!!
Drawback- if you're not diligent in paying it off and not disciplined, u can get yourself in some trouble or just alot of debt.
I got my first cc when I was a freshman in college... it was a retail card then I also got a major credit card. I would charge to them then pay it off right away. There were sometimes when I had to use it to help me out til payday... but being a college student is rough and as long as you are responsible about it that extra cushion is ok.
Long story short I am now 25, have a credit score of 792, and it's all because of the many credit cards I opened and ALWAYS paid on time. Get one, tell your friend to do it... U will be thankful later on when u have to finance a car or home and have plenty of good credit to show for.... Versus your other friends when can't get approved because they have no credit. :)|||One word, emergency
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