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Under 21? Getting a credit card just got tougher

02/21/2010 11:05 am 5 comments

Antoine Perretta, a 21-year-old University of Denver student, regularly pays off his three credit cards, to build up his credit score. He’s working toward getting an affordable loan to buy a car, a used black Audi.

Sarah Bush got her first credit card at 20 and and has “regretted it ever since.” A student at Belmont University in Nashville, Tenn., she is now 24 and enrolled in a debt management program, which has helped her whittle credit card debt down to $7,500.

For better or worse, new laws that take effect on Monday are poised to curb the proliferation of credit cards on college campuses, making it tougher for Perretta, Bush and other students to get credit cards.

Last May, Congress decided to crack down on credit card companies and passed a law ushering in sweeping changes for the industry. The laws make it harder for card issuers to raise interest rates unless a cardholder is at least two months late on a bill.

To read this article in its entirety visit CNN Money.

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creditcardsforstudents

first credit card Some students might find this as bad news since it will be difficult to apply for a student credit card but let us look at the brighter side of it. A credit card can help a student learn the true meaning of being responsible but let us not forget that many others who suffered bad credit because of incorrect credit card use.
creditcardsforstudents

student credit cards such new credit card act could be viewed as bad news for many college students mainly because it would be more harder for them to acquire a student credit card however let's check out the advantage of it. A credit card will help a student discover the true meaning of becoming responsible however allow us to not ignore that many others who suffered a bad credit score as a consequence of improper credit card use. Keep in mind how you manage your account can affect your credit rating.
adawakeman42

Thank you!
http://www.web2carz.com/bad-credit-car-loan Bad Credit Car Loans

Yeah, the best thing to do at this point is to get added as an authorized user with your parents if you are under 21.
http://www.ffcredit.com Personal Loans KY

Age really doesn't have anything to do with taking “responsibility” for your spend. However I do agree with the law that was passed not raising interest until the card holder is 2 months behind. Interest rates are outrageous!

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