Thursday, March 15, 2012

Essay on Credit

Essay on Credit

What does mean “to be credit wise”? Being credit wise means use rationally the plastic card as well as to understand how to make good credit, and how to avoid different traps.

Credits cards help many students to get financial freedom and desirable independence. Each student should use the credit card wisely as lately it helps him/her to reach the goals such as fulfill educational dreams or to buy a car. Credit card monitoring is important things for students that just require some common sense and responsibility.

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In fact, there are a lot of tips how to monitor the credit for getting good one. Following them student can easily prevent all possible trouble situations. Here are some of them:

1. Student should develop reasonable budget for each month, be thrifty and be able to stretch the money.

2. Student should not delay with bills payment. All the bills must be paid on time as in other case even one late payment can negatively impact on the student’s credit score.

3. If the student experiences some problems with bills payment, he/she should immediately provide the creditors with the changes. Student must keep in mind that this is his/her responsibility to inform the creditors about the changes.

4. The minimization of the card debt is also very useful in the student’s case. It is better not to exceed 30% of the available credit limit.

5. Charging more on the student’s card than the student can repay is unwise and irresponsible. Student must develop the wise habit of cash using. It means that student must avoid the habit of using credit cards as much has possible. If the student doesn’t want to lower his/her credit cards, he/she should remember that credit cards debt transfers from one month to another.

6. It should be limited the number of cards that student has as it is most likely student does not need more than two or three credit cards.

7. Student should avoid closing old accounts and opening new one.

8. Students always should have copies of all documents, which relates to the accounts of the credit cards.

9. As well, the records of the credit accounts must be properly maintained by the students.

10. Finally, the student should get a copy of the credit report in order to check it for accuracy.

In addition, it should be said that credit score is greatly depending from how wisely the student will maintain the credit card as the credit score can seriously impact the credit cost and student’s capability to get such financial products as car loan, auto assurance, etc. Each student should strongly realize what may happen when he/she late or miss payment. Moreover, student loans are the debt that is never forgiven if unpaid.
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