Credit card issuance to minors is not prohibited. Credit card companies even see teenagers as a way to make their market more lucrative. As this is the reality, the question would be this: "Are Student Credit Cards Advantageous or Disadvantageous?"
Most parents believe that allowing their kids to have credit cards at a young age teaches them a lesson about managing their finances or money. The one thing that the parents should be aware of in terms of giving their children credit cards is to ensure that these kids are given guidance as well as support for them to be responsible in handling their credit. Having student credit card also helps in building the kids' credit histories that are truly important in the future.
There are some financial institutions that have second thoughts when it comes to issuing student credit cards, and if they ever issue one, they only give a very low credit limit and when the student fails to pay on time or goes over the credit limit, these institutions charge a lot higher interest rates since they know how risky it is to issue credit cards to students knowing of their instability. Therefore, a student should learn that having a card is a big responsibility. In the event that the said teen has proven his or her maturity, then a good credit score is up for grabs at the credit bureau, giving them an established credit history after they finish school.
If a student wants to apply for a student credit card, what is the first step? The first step is to have credit since it is a fact that in order to get credit, you need credit. Here are easy ways to establish credit and be able to apply for a student credit cards: One step requires the student to open a checking account or savings account. Once the creditors see this information, they will, more often than not issue a credit card because they have seen that the student has an account that could be used to pay the purchases.
If a teen still is unable to get a student credit card from a credit card institution, another way of jump starting credit is to apply for a retail store card. It's definitely easy to acquire a store credit card, and by using it in a wise and responsible way, one can start building up credit positively. In just a few months, the student can reapply for a student credit card in a major credit card company and would most probably be approved as soon as the creditors see how responsible the student has been with the retail store credit card.
Knowing that there are a lot of institutions offering student credit cards today, the student should select a card with the best offer and below are the basic features and benefits that should be present in the card applied for: there should be no annual fee, no co-signer requirements, no minimum income, zero percent introductory fee with a low APR after the introductory phase, and of course, a free rewards program.
понеделник, 21 април 2008 г.
петък, 4 април 2008 г.
Consolidation for Private Student Loans: Basic Information
Consolidation for Private Student Loans: Basic Information
Consolidation for private student loans are a great help for self-supporting students. Student loans consolidation programs generally will help you in refinancing your student loans right after graduation. But if you still have private student loans to refinance, then where do you go? Don't worry. Now, there are many companies that offer private student loans consolidation as part of their programs.
Consolidation of Federal Student Loan - If you have applied for federal student loan consolidation before, but weren't able to include your private student loans, then you've come to the right place. This article will give you a brief background on student loans consolidation, consolidation for private student loans, and how and where you can apply for one.
Student Loans Consolidation
The good thing about it is that with student loans consolidation, you can save up to 50% of even more on the life of your student loans. This is because with it, all your student loans are bundled into a single loan with one lender and one repayment plan. You will be able to lock in a low monthly payment with a fixed interest rate for the life of your loan. All this without incurring unnecessary fees like application fees, origination fees, credit checks, income verifications, or repayment penalties.
The Rates - With a low interest rate and minus all these fees, you can really reduce your monthly payments. Not only that, it will also extend your repaying time for up to 20 more years.
Federal Student Loan Consolidation
You can lower your monthly payments for as much as 60% with the federal consolidation loan programs that are offered by many companies. This is for applicants who have federal loans, such as PLUS and Stafford. However, in most cases, you wouldn't be able to include your private educational loans for this. That is why you get private student loan consolidation.
Private Student Loan Consolidation
You may also have private student loans. For those private student loans that you cannot include in a federal student consolidation loan, you can apply under the private loan consolidation program. This is so you can consolidate your eligible private education loans into one easy-to-pay loan at low rates. Depending on the company you choose, you will also be able to extend your repaying time up to 30 years. This will really help in decreasing your monthly payments.
Consolidation for private student loans are a great help for self-supporting students. Student loans consolidation programs generally will help you in refinancing your student loans right after graduation. But if you still have private student loans to refinance, then where do you go? Don't worry. Now, there are many companies that offer private student loans consolidation as part of their programs.
Consolidation of Federal Student Loan - If you have applied for federal student loan consolidation before, but weren't able to include your private student loans, then you've come to the right place. This article will give you a brief background on student loans consolidation, consolidation for private student loans, and how and where you can apply for one.
Student Loans Consolidation
The good thing about it is that with student loans consolidation, you can save up to 50% of even more on the life of your student loans. This is because with it, all your student loans are bundled into a single loan with one lender and one repayment plan. You will be able to lock in a low monthly payment with a fixed interest rate for the life of your loan. All this without incurring unnecessary fees like application fees, origination fees, credit checks, income verifications, or repayment penalties.
The Rates - With a low interest rate and minus all these fees, you can really reduce your monthly payments. Not only that, it will also extend your repaying time for up to 20 more years.
Federal Student Loan Consolidation
You can lower your monthly payments for as much as 60% with the federal consolidation loan programs that are offered by many companies. This is for applicants who have federal loans, such as PLUS and Stafford. However, in most cases, you wouldn't be able to include your private educational loans for this. That is why you get private student loan consolidation.
Private Student Loan Consolidation
You may also have private student loans. For those private student loans that you cannot include in a federal student consolidation loan, you can apply under the private loan consolidation program. This is so you can consolidate your eligible private education loans into one easy-to-pay loan at low rates. Depending on the company you choose, you will also be able to extend your repaying time up to 30 years. This will really help in decreasing your monthly payments.
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