Taking the Plunge: It’s a good time to get that Credit Card
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Money burns a hole in my pocket. And, seeing as it would be irresponsible to be so careless with money (letting it fall through the burnt hole and such), I usually think it appropriate to spend my money whenever possible. Unfortunately, that line of thought needs to change- because it’s time to get a credit card.
I have been fighting the good fight against becoming a “real person” for a while now, but the fact of the matter is that I have no credit score. With graduation looming in the not-so-distant future, it is time to turn in that trusty debit for a sexier model- credit.
It’s an upgrade you should think about making, whether you are a freshman or a fifth year senior on that victory lap.
Why do you need a credit card? Well, these days everyone and their brother, grandpa, and sister-wife need to see your credit score before you can do “real people” things without parents or guardians co-signing for you.
Our credit score tells people if they should trust us and if we are financially responsible (yikes). It can affect how much you pay for insurance, or what interest rate you get on a loan. Need a used car or a cell phone? A good credit score will make those purchases easier. My lack of credit score meant I couldn’t set up my cable bill this year without paying a $100 deposit first.
Even future employers can run a credit check if they so desire; which, if nothing else, should light a credit fire under your butt.
Important as it is for me to start building credit, making that upgrade is terrifying. Most of that terror stems from my admitted lack of self-control when it comes to spending (yes, I do need Dairy Queen almost every night). With debit cards, it is hard to really exceed your financial means, but with credit cards- it seems the sky is your limit.
However, there are a few ways to make credit a little less scary. First, find a student card if you can. Banks often offer low, sometimes 0%, interest rates for students and set limits on your card so that you can’t go buy that industrial deep fryer on a whim. Second, attempt to make thoughtful purchases on your credit card with the knowledge that you will be able to pay them off as soon as you get the bill. Avoid paying only the minimum if you can. Paying only minimums is linked to a slippery slope of overspending and debt.
In such a social and accessible world, it is getting more and more difficult to make it through without following certain social norms. Getting a credit card and developing a credit score is just one of those things. Building credit is something to think about, especially while we are at school and can get student cards. Just remember, no matter how good deep fried Oreos may sound, there are some things not worth going into debt over.
ccolleran@lanthorn.com
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Pictures of the Year 2012-2013
Courtesy Photo/Joe Kargula and Erik Peterson run the Marathon leg of the Ironman Triathlon
GVL / Robert Mathews Quarterback Heath Parling (12) leading the offense past Notre Dame College.
GVL / Eric Coulter Senior Jake Isaacson placed eigth in the Spartan Invitational. Isaacson's time of 25:04 was the highest among Division II athletes.
GVL/Jessica Hollenbeck Student Senate President Jack Iott speaks to the assembly during Thursday's meeting.
Courtesy / gvsu.edu President Haas and Montcalm Community College President Robert C. Ferrentino sign the transfer agreement
Courtesy Photo/ GVSU Athletic Department Sophomore Chris Cunningham lines up a putt at a past match.
Courtesy Photo / GVSULakers.com Andrew Darrell prepares to return the serve earlier this season.
GVL / Jessica Hollenbeck President Haas cooks pancakes during Family Weekend's "Pancakes with Presidents".
GVL / Jessica Hollenbeck President Haas cooks pancakes during Family Weekend's "Pancakes with Presidents".
GVL / Archive Forward Briauna Taylor (31) chases down a lose ball in a game last season
Courtesy Photo / Dean Breest Sophomore Allyson Winchester was named the GLIAC Women's Cross Country Athlete of the Year after finishing first with a time of 20:48.8.
GVL / Archive GVSU's Breland Hogan rises and fires over three defenders last season.
GVL/Bo Anderson Briauna Taylor leads the fast break during a game earlier this season.
GVL / Robert Mathews Associate Vice President for Facilities Planning, James Moyer, leading a walk through of the Mary Ideam Pew Library
Courtesy Photo / GVSU DII Men's Hockey Jeremy Christopher chases down a puck during a matchup last season.
GVL / Bo Anderson Students and faculty danced under the spectacular light show in the Devos Place Ballroom
GVL / Robert Mathews Martin L�wenberg, holocaust survivor, speaking at the Genocide Awareness Night presentation in the Grand River Room.
Courtesy / Dean Breest Senior Sam Lockhart finishes her indoor career with two individual national championships in weight throw and shot put at the 2013 National Championships.
Archive / Robert Mathews Giancarlo Brugnoni (40) rounding the bases during a previous game.
GVL/Bo Anderson Seniors Christ Koppenaal, Bill Madsen, and Mitch Weber measure the exterior of the Wesley House as part of an energy audit.
GVL / Robert Mathews Senior Anthony Campanella pitching against Tiffin University during the Lakers double header.
GVL / Eric Coulter Brother Jed Smock, a member of Campus Ministry USA, speaks with fervor to a student. Many students, all with differing views, came to watch the Campus Ministry members speak.
GVL / Sean Mouton A passing walker stops to admire some recently constructed pieces of Art Prize 2012.
GVL Archive Senior Nick Gunthorpe follows through and watches his shot at the Ardenson last year. This weekend the team will be playing in South Haven.
GVL / Bo Anderson GVSU's Katie Martin points to her teammate after safely reaching second base.
GVL / Robert Mathews Mary Idema Pew Library Learning and Information Commons under construction.
GVL / Archive The Grand Valley Rowing Team during Spring Training in Florida last spring.
GVL / Robert Mathews Judge Glenda Hatchett, keynote guest for Monday's King celebration, speaks in the Grand River Room in Kirkhof.
GVL / Robert Mathews Judge Glenda Hatchett, keynote guest for Monday's King celebration, speaks in the Grand River Room in Kirkhof.
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