Comments on: 6 Credit Card Rules That 20 Somethings Must Follow

By: Stretching An Entry Level Salary As Much As Possible

Stretching An Entry Level Salary As Much As Possible — Fri, 31 Jul 2009 14:04:58 +0000

[...] Regardless of what type of clothing you decide to purchase, make sure to not break one of the credit card rules for college graduates by going to the clothing store with your credit card in your hand. Too many [...]

By: Studenomist

Studenomist — Fri, 17 Jul 2009 04:09:42 +0000

Thanks for the comments guys! To clarify I should have said that the rules aren’t mutually exclusive. The highest credit limit would definitely help your credit score but let’s be honest, it probably hurts more people than it helps them.

@Tomasz That’s a new one lol. If anyone’s parents offer to pay their credit card balance than hopefully it’s for a good reason (textbooks) and not typical nonsense (ordering newest Armani cologne).

By: tomasz

tomasz — Fri, 17 Jul 2009 02:57:38 +0000

Let me add some:

Cut off the financial cord to the parents and if they offer to co sign, or pay of your credit card, say NO!

Trust me, you are doing yourself a favor. This is more of a long term benefit.

By: Roger

Roger — Fri, 17 Jul 2009 02:33:39 +0000

I’ll second Katie’s comment; if you are following the other rules, having the highest credit limit possible can only help your credit score. That said, if you are the sort who gives into temptation easily and needs to have an outside influence reigning in your spending, having a low credit limit (or better yet, using a prepaid credit card) would be a good idea.

I would expand #6 (or add a seventh rule) to know exactly what terms apply to your card, and make sure they fit with your card usage. If you spend enough in the right categories so your rewards are high enough to justify the fees, a card with a fee could make sense.

By: Katie

Katie — Thu, 16 Jul 2009 15:45:41 +0000

I would suggest a modification to rule 5 – keep your credit limit as low as possible, unless you faithfully follow the other 5 rules. If you tend to keep your balance low or at zero, why should you prevent yourself from improving your credit report?