Student credit card, not in school?
The question
I won’t be going back to school until the end of 2012 or 2013. I applied for a student credit card, because its the only one I qualify for. I have the income, just I guess not enough credit for another credit card. Can I get in distress if I’m not a student, but I apply and receive a college credit card through a bank (not a school). Thanks.
Best answers:
Do you really want to be committing a crime against a bank?
Credit report questions
The question
In college I got a small out of control with credit cards, and had 3 cards that went to collection agencies. Since then (about 2-3 years) I have paid off the balances, and opened a new card that I make regular payments on. I just reviewed my credit report and the cards that were sent to the agencies were listed as “negative items” (not surprising). But, it said they are “scheduled to continue on record” until 2012 or 2013. Does that mean this will affect my credit until then? The balances have been paid off for sometime. Having these appear on my credit report for 8 years seems excessive; I thought it was something like 3-5 years.
As I get closer to 2012, will they at least affect my credit less negatively? Also, compared to the 3 accounts in negative standing, I have 16 in excellent standing (new card/student loans). How terribly is this going to affect my credit?
Best answers:
As far as your score goes yes it will affect it but over 90% of your score is based on the last 24-months of activity so the older they get the less affect they will have.
You shouldn’t really have more than 3 open credit accounts. House, car, and student loans are a small different but also have an impact on your credit rating. So make sure you always pay on time and try to pay off early if you can.
The fact that the balances with the collections agencies are PAID OFF is a very, very excellent thing and does show up on your credit reports.
I’m honestly not sure how everything affects the score itself. But, I do know when your credit is looked at, it’s a huge deal that the negative things were a few years ago and that they’ve been paid off and resolved. It also looks very excellent that you have 16 in excellent standing.
After the 7 years is up, your credit score/report will improve as well. Just keep continuing to pay the accounts you have open now, and don’t pay anything late. You’ll eventually have an impeccable score if you continue on with excellent habits. Everyone makes mistakes in the beginning!
Sanyika Calloway Boyce appears on CN8 Money Matters where she talks about college students getting in distress with credit card debt.
The negative items will remain on your credit report until you take proactive steps to get them removed. You might want to use credit repair to get those items off everlastingly. Check out the free evaluation form at the source website; they can help.
Their are lot of websites offering free credit reports . you can try them .
(link in the source can help)