7 min read
How Middle School Counselors Can Help Families Succeed
Middle school is a time of transformation. Kids are growing up fast, and it can feel like a whirlwind of change for students and families.
Scoir is free for your students and for you. We also offer Advanced Solutions to help you better guide your students.
Access resources in the areas of test prep, essay support, and financial aid to better navigate every part of the admissions process.
We offer a flat 50% discount for each student who receives free or reduced lunch in your school or district.
Enjoy Career Readiness Early Access for grades 6-8, built to help you guide students and track progress in the early years of career learnings and activities.
Career development (certifications, courses & curriculum) for changemakers.
Check out content and practical guides to help inform your enrollment strategies and programs.
3 min read
Julie Kampschroeder : September 09, 2020
Over 14 million students will enter college in the fall. Students will live on their own away from home, for extended periods of time. When they arrive on campus, the majority of these students will not have a credit card in their name, which begs the question: is opening a credit card a sound decision for a college student?
While it may not be the highest priority on your list, the sooner you open a credit card, the sooner you can begin to create a positive credit history. Why does credit history matter? Your credit history is a quick way for lenders to see how well you’ve handled borrowing money in the past. So, when you want to purchase a car, home or anything else using credit, having a positive credit history will help you get the amount you need at a reasonable rate.
Your Bank or Credit Union will run a credit score report via 1 of 3 credit bureaus using your full given name and social security number. The higher the credit score, the lower your interest rate on the purchase. This means you will save money in the long run on interest payments. If your score is too low, or now existent, you could be rejected for the purchase. If you do not have any credit history at all, you will struggle to find a lender to give you a loan when you graduate college.
If you open a credit card and don’t pay the monthly fee on time, your credit score will be low. Similarly, if you only pay the minimum monthly fee, you may find it difficult to ever pay off your balance in full. These types of actions lead to a negative credit score. So, here are some tips to help you build positive credit:
The Credit Card Accountability, Responsibility and Disclosure Act of 2009 (CARD Act) went into effect in February of 2010. It was created to protect college students on campus from being inundated with predatory credit card applications on campus. Financial companies are now limited to when and where they can push credit card applications to students on campus. Now, if you’re under 21, you have to prove independent income or get a co-signer in order to apply for a credit card. There are also rules preventing these companies from marketing to those under 21.
I personally recall seeing thousands of applications on campus during my first year of college! It was tempting to open numerous accounts and ‘have fun shopping’. I am thankful I opened one credit card and maintained a high credit score since freshman year. Lower interest rates have saved me money and allowed me to make more purchases in the long run.
If you are required to have a co-signer, it’s important to know what you are asking of that person. If you do not pay your credit card bill, your co-signer becomes responsible for making that payment. Try to stay away from having a co-signer, if possible, and build your own credit. Once you have proved to yourself and the credit card company you spend and pay your bill responsibly, you can ask them to increase the credit amount.
If you feel like you're still not ready to get a credit card, or you're not able to get approved for one, there are some other ways that you can begin to build credit while in college.
Foolish students open numerous credit cards, max them out, and cannot pay them back. Too many students’ credit history was ruined while in college and took decades to repair. Do not follow in their footsteps! Remember: you will also have student loans to pay back upon college graduation.
After you’ve graduated from college and have a proven history of good credit, you can consider upgrading or replacing your credit card. Looks for cards and credit programs that provide you with better rewards, continue behaving responsibly, and pave your own path for success.
Julie Kampschroeder has over three decades of experience working with high school students. She is passionate about assisting First Generation/Low Income College Bound students. Julie currently works as a public school counselor in a diverse high school in St. Louis, Missouri. Early in her career she volunteered countless hours with the Missouri Association of College Admission Counselors (MOACAC) and earned both the President’s Service Award (2008) and Peggy Clinton Lifetime Service Award (2012). As a First Generation College student herself, growing up in a small town, she is most proud of the National Association of Admissions Counselor Inclusion, Access and Success Award (2013). Maya Angelo’s motto of “when you know better, you do better” guides her work in educating First Generation students to level the playing field in college admissions.
7 min read
Middle school is a time of transformation. Kids are growing up fast, and it can feel like a whirlwind of change for students and families.
7 min read
When I started college admissions counseling 20 years ago, students would come to meetings hefting heavy boxes of viewbooks they'd received from...
5 min read
We recently hosted the event: Why Counselors Give Us Hugs at NACAC. This blog post provides a recap of what we covered during the event.