Canadian Secured Credit Cards Are Good for Students
I remember getting my first credit card back in 1982-ish.
I started a new job and was anxious to get my credit started.
I wanted the feeling of having a piece of credit with the banks.
I knew that if a bank gave me credit, that was a good step.
The only problem was that I was living on my own and didn't have anybody to co-sign for me.
I didn't want to ask my mother as that was not cool.
They didn't have secured credit cards back then.
So I had to find someone to co-sign for me.
I remember asking my employer if he would co-sign for me.
He was kind enough to help and I got my credit card.
I've never looked back.
When I got my first, I would spend $20-30 a month just to see what my statement would say.
Then I would quickly pay it off.
(I'm the type that worried about owing $5.
00 on it!)Over time I felt more confident with my ability to manage money and credit.
I learned to keep my spending well within my budgets.
These lessons have helped me in business many years later.
I started a new job and was anxious to get my credit started.
I wanted the feeling of having a piece of credit with the banks.
I knew that if a bank gave me credit, that was a good step.
The only problem was that I was living on my own and didn't have anybody to co-sign for me.
I didn't want to ask my mother as that was not cool.
They didn't have secured credit cards back then.
So I had to find someone to co-sign for me.
I remember asking my employer if he would co-sign for me.
He was kind enough to help and I got my credit card.
I've never looked back.
When I got my first, I would spend $20-30 a month just to see what my statement would say.
Then I would quickly pay it off.
(I'm the type that worried about owing $5.
00 on it!)Over time I felt more confident with my ability to manage money and credit.
I learned to keep my spending well within my budgets.
These lessons have helped me in business many years later.
- University / College Students have no credit ratingMy story is the same as university students who are just starting off.
They don't have a credit rating with Equifax or TransUnion and thus are required to either get a co-signor for an unsecured card, or put up some security for a secured credit card. - They want independence from parentsLike myself, students want their independence.
They want to feel like they can handle themselves away from home.
This gives them a sense of well being in that they are able to manage themselves away from their family of origin. - They need an affordable credit cardStudents who have part time jobs are able to scrape some money together to put a deposit on a secured one.
The good thing in this case is that students can get an affordable secured credit card for a deposit as little as a $75.
00This makes it affordable for them get the card and start their credit rating. - It helps them learn to manage money and credit.
Students who are just starting off need to learn how to many their money.
It will help teach them the responsibility of making payments on time.
This is very helpful as they will have to keep bills current as with a mortgage payment, electrical bill, gas bill, phone bill etc when they purchase their own home or rent an apartment.
