Tips from a college student

I called Discover at the beginning of December to try to get a credit limit increase (CLI). I asked for them to do it using only a soft pull, because a hard pull will hurt your credit report. The customer service rep (CSR) on the phone said she was unable to do it because I had not been with the company long enough, and that after 6 months to try again (evidently I had only been there 5 months). She didn't give me a specific date, so I called again the other day and inquired about the CLI. A different CSR said that 6 months still wasn't up yet.



I bought a new camera (Nikon D40) on the card along with 2 lenses and a months worth of gas, so I have a decent sized balance going on the card right now. I am hoping that I don't go over my credit limit ($1000), because I am definitly pushing it. I am a little frustrated with Discover right now, although I guess I understand because of the credit crunch going on right now. I just think that $1000 is too small for a credit card, because one decent sized purchase and you're maxed out!



I am now considering getting a new card. I got this Discover card because of the rewards program, which I just received my first $20 from. I get 5% cashback on gas purchases and 1% on everything else. The camera was the first purchase I made that wasn't gas on that card, so I have done pretty well with it so far. I always pay off my bill every month on time just to make sure I don't build up any debt.

It's really frustrating to use up that much of my credit limit, and then have a CSR say they can't increase my limit. I have always paid the full balance every month on time, so I don't see what the problem is. It's now been over 6 months, so I'm going to wait another week, and then try again. If it doesn't work this final time I'm definitly getting a new card.



I will be on the lookout for a new card with a decent reward program, because that is where I benefit the most at from credit cards. What I need is one with rewards for eating out. I'm going to analyze my spending and see where I spend the most money every month, and then get a card that has rewards in that area. I will update when I find something interesting.

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When using credit, you have to be careful. If you have a tendency to just spend freely, and overspend more than you want too, then I would advise that you get a debit card that you use on every day transactions instead of a credit card.

With a debit card, you can only spend money that you have in your checking account, where a credit card you can spend up to your credit limit, which is a number that the card company decides. Many people don’t keep up with how much they spend and end up accumulating massive credit card debt. You won’t do this with a debit card. A good place to get a debit card is Wachovia, especially with their $50 bonus promotion **edit- promotion ended** going on right now.

While credit cards are not bad, they can be if you do not use them properly. Most Americans today have credit card debt, and many college students do as well. When you are in college, you have enough debt without credit card debt. You need to know when to stop spending money because you don’t have anymore, and how to save money to make it last longer. Hopefully this site will help you make your money go further and if you’re in college graduate with less debt.

Of course, the best way to avoid debt is to pay cash for everything, but I don't like to do that because I can't keep track of how much I spend. I like using a debit card because I can see online what I spend money on and how much I spend, and then I can develop a more accurate budget based on that. By analyzing how much money you spend in different areas, you can decide if you need to cut back on how much you spend on different things. Many times I will start to spend a lot of money on something, like eating out, and not even realize it. But when I see my account online, I realize that I have been eating out too much and need to cut back.

The key to using credit or even debit is to just be responsible. Keep track of how much money you spend, and do not go into debt.

Are you looking for a credit card? I’ve never owned one until recently, but I decided that it would be good if I got one. I read a lot of blogs and reviews about different cards, and finally settled on the Discover Open Road Card for Students.

This card gives you 5% cash back on gas and auto maintenance purchases, and 1% on everything else. I applied for it and was approved quickly, and I got it in the mail a couple weeks ago and everything seems to be going good. I only use it for gas normally, unless something comes up and I don’t have enough money.

With this card you can view all your transactions online, and can get e-statements online instead of in the mail. I like this feature, because when I’m away at college it doesn’t do me much good for my bills to go to my parent’s house. I would recommend this card to college students with little or no credit, as they approve you on the basis that you’re enrolled in school, not how much money you have.

Click here for a link to sign up for this card