It takes only mere seconds to establish credit and seven years to clear your name if you establish BAD credit. This makes it extremely difficult to purchase anything really worth while such as a car or a computer. Another reason to keep your credit in good standing is landlords often consult credit bureaus to check the credit ratings of prospective tenants. In some cases, it may work against you if you have no credit rating at all. It is important to build honorable credit and show responsibility toward your financial future.
Universities are oftentimes havens for credit card companies.
They see hundreds and thousands of students out on their own for the first time home eager to spend money to make their dorm rooms or apartments comfortable and posh. Many credit card vendors set up booths around the USD campus and offer free gifts for credit card applicants. Enticing offers from credit card companies can also be found in the extra literature that is thrown in with the receipt in the campus bookstore. In an effort to prevent college students from ruining their credit through on-campus solicitation, a bill was introduced to the United States Senate which would have restricted credit card companies from signing up people under 21 without the consent of a parent or guardian. Through support of the credit card companies, the bill was voted down 50-38.