Student credit cards for kids. Kids and credit cards. You can either love the idea of your teenager roaming around with a credit card or you can loathe it to your heart’s content. But one thing that you cannot do to the idea of credit cards for kids is that you cannot ignore it. For no matter how you feel about kids and credit cards together, student credit cards for kids are here to say, and their number is growing exponentially even as you read this article. All responsible parents feel a little jittery when thinking about their high school or college kid having access to a credit card .Your worst fear is being confirmed as credit card companies are now doling out student credit cards to kids who are not yet 18 without parental consent. However, since you cannot really keep your son or daughter from acquiring a student credit card, the best way to get tension free is to educate your kids well about credit cards. to use it and how to manage it. Teach your children about reading credit card statements and about paying balances, so that once they acquire a student credit card for kids, they are able to handle it responsibly. It is important that your child gets to know about credit card interest and how to avoid it before acquiring a student credit card for kids. The child should be encouraged to shop around for low rates and fees, so that when the time comes, he knows what student credit card to choose. If possible, try to help your child select his student credit card for kids. Best still; get him a card even before he leaves for college so that he is not tempted by all the offers for student credit card for kids the moment he lands up in college. A lot of companies offer student credit cards with interest rates that are higher than normal since student credit cards for kids are risky for these companies. Also try to co-sign your child’s student credit card application, for even though this makes you responsible for paying off your kid’s credit card balances, it lets you decide the credit limit on your child’s student credit card.
Even before your child is offered a student credit card, make sure that he knows when to use it, how
Once all these preliminaries are assured, it would take a lot of effort for anyone to get into trouble with a student credit card. Student student credit cards have their advantages too. They are a powerful tool for teaching financial responsibility to our young ones. A student credit card for kids provides the opportunity for youngsters to establish a good credit history before taking their first steps into a world of financial independence.
August 19, 2008
May 15, 2008
No Credit Car Loans – Car Loan Approval With No Credit History?
by: Carrie Reeder Getting an approval for a car loan when you have no credit history can often times be almost as difficult as getting a car loan approved when you have bad credit. There are things that can be done, however, which will improve your chances of finding a no credit car loan. Ask your employer for a letter of reference - Include your length of employment, your current gross wage and your current net wages. Prepare a personal payment history. Included in this history should be a list of all the bills you pay on a monthly basis which are not reported to the credit agencies. Ask your landlord for a letter of reference. Utility companies will also generally provide you with payment histories. If you have any small installment accounts at local retailers which don’t report credit, ask them for credit statements as well. direct deposit if your employer offers this service. Open a savings account at the same institution as your checking account. Authorize a regular deposit into your savings account out of your paycheck. Link your savings account to your checking account to limit the possibility of an overdraft. While you are shopping for the car you want and for a lender, set aside additional savings specifically for a down payment on your car. Once you have taken these steps, you are ready to approach a lender for your no credit car loan. The first lender you should approach is the financial institution with which you have your checking and savings accounts. Many times banks or credit unions will work with customers who have no credit histories if their accounts are in good standing and they have some sort of down payment. When shopping for your car, look for dealers who offer credit for first time buyers. You must approach these dealers with caution. Sometimes they will inflate the car prices or charge exorbitant interest rates. Make them aware that you are looking at several lenders and will be comparing their proposals. Arm yourself with knowledge. Know what the current interest rate is for the most credit worthy applicant. If you have sufficient income, a down payment and no negative credit your interest rate should not be significantly above that rate. Be realistic about the type of car you select. You may not be able to get your dream car but there are many late model, low mileage cars for which you can qualify when seeking approval for a no credit car loan. Most importantly, after you have successfully obtained you auto loan, make your payments in a timely manner. Do not overload yourself with debt and don’t have lenders constantly making inquiries about your credit. By following these simple rules, the next time you look for a car loan the process will be much easier. About The Author Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans. View her recommended lenders for http://www.abcloanguide.com/autoloans.shtml.
If you don’t already have one, open a checking account - Have your paycheck sent to your bank via
Allow your payment to be debited from your checking account - This may help compensate for the fact that you don't have any credit history for the lender.
