Hamman

Ok, here's the thing
I'm going to be starting college in the fall and in need of a laptop. I've decided on buy a macbook pro along with the ipod touch and printer deal. I have some extra money from scholarships and will be reimbursed $2500 for my purchases. However, is it more beneficial for me to put it on a credit card and pay off the amount monthly (within the time allowed for the 0% introductory rate of course)?

I know it could be difficult, considering that I'm still only 17 (I'll be 18 in a month), to apply for a credit card with a $3000 credit line. However, I want to start building my credit history and the purchase is pretty sizable. I just want to prove that I can maintain monthly payments. I will have the $3000 in my bank account and will use it to pay each month's bill. I'm very responsible with money so I will definitely not be double dipping with the money in my account.

Does anyone have any suggestions as to what company I should apply to to get such a large credit line for a college student? Does our academic record get considered when applying for a card (like when buy car insurance)? If I cannot get a large enough credit line, is it still possible to max out my card and then pay the rest with my parents' credit card?

ahhhhhhhhhh

first of all, are you sure the 3000 limit is a student credit card. Most student credit card, the limit is like 500. Are you sure that you will get approve for the 3000 credit card? I would just buy it now.

MELBYMOM

Can a parent open a card and have you added on? This is what I plan on doing for my D. I was told I could do this, I opened a card with a $5,000 line but they told me I could have it reduced. I just need to get her added now.

Chedva

MELBYMOM, from what I understand, adding a student onto your credit card with an additional card does not help the student build credit. The credit rating remains in your name, not hers. So this doesn't help the OP.

Contact ResLife at your school, and ask which banks routinely show up during orientation. Then call those banks and talk about setting up the college checking account and see what they'll do for you by way of a credit card.

Please note, however, that some banks will not set up a college account for a student under 18. That happened with my d, who didn't turn 18 until the fall of her freshman year. We had to jump through a number of hoops to get her the local checking account, and they would not have given her a credit card.

As far as building credit is concerned, be very careful with monthly payments. It is very easy to miss the 0% interest deadline (if they even have a 0% interest deadline on college student credit cards). I would suggest that rather than pay monthly, you pay 1/2 the first month and the remainder the second. That gives you good "credit" with minimal risk.

BCEagle91

Credit card companies have been trimming credit limits lately due to tapped-out consumers throwing a ton of expenses on credit cards and then not paying them back. So you may need a co-signer to get a credit card. The days of your dog getting credit card offers in the mail are over.

Pearlinthemist

I got my first credit card when I was 15 - it had a $500 limit and my parents had to cosign. Shortly afterwards I started receiving "preapproved" credit card offers that asked for "total household income", so I filled one of those out because I lived with my parents and their income counted and soon I had a $5000 credit line with no cosigner (I think I was 16).

However, if you aren't able to get your own credit card with a high limit (with or without a cosigner), then perhaps your parent's can either open a card and add you to the account or put you as an extra card holder on an existing account.
A few months ago my dad added me as a second cardholder on his credit card that he'd had for years (so I could pay bills for him)... and it shows up on my credit report. Anything on your credit report helps you build credit so you'd be able to get your own card eventually.

Just remember to stay on top of things & pay the balance off before interest kicks in and pay it off in full every month after that.