credit_card_visa_collectable_happy_shoppersFor many years credit card companies have been more than eager to accept credit card applications from students. Times have changed and most lenders are considering only the most credit worthy applicants. This could spell trouble for students who are interested in using a credit card to establish and build their credit history as they have less income and little to no current credit history to prove creditworthiness. A study released on Monday suggests students are using credit cards more to finance college related expenses, so many students may wonder how they will find a credit card company willing to do business with new consumers. 

Search Online – While it is true that lenders are targeting individuals with higher incomes (thus the ability to repay financial obligations) it does not mean that student credit cards have disappeared entirely. It does mean however that students looking to secure their first credit card may have to look a little bit harder than they would have in previous years. A simple Internet search can help you locate and compare different student credit cards.

Contact Your Bank – If you already have a checking or savings account at a local bank, contact them to see if they are willing to approve a credit card in your name. They might be more inclined since they already have a previous relationship with you. If they are not willing to offer you an unsecured credit card, consider a secured credit card which is backed by a cash deposit.

Start Building Your Credit – If you find it difficult to qualify for a credit card with little credit history, focus on building your credit history in other ways. Young students have the once in a lifetime opportunity to get things right the first time around. Be sure to pay whatever bills you do have, such as car notes, utilities or other revolving accounts on time, every time. You may also consider asking your parents to allow you to become an authorized user on their account. As long as they pay their bills on time, this can help you establish credit history.

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