Managing Money :: Basic lessons for students and credit cards

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Released: August 23, 2010

Basic lessons for students and credit cards

Source: Michelle Singletary, Washington Post (Free Registration)

To open a credit card account if you are under 21, you will need to show that you have the income to make required payments or get a co-signer 21 or older who has the ability to do so. Once you have a card with a co-signer, if you want a higher credit card limit, the co-signer must agree in writing to the increase.

Credit card companies are prohibited from marketing credit within 1,000 feet of a college campus. This limit would include related college events, such as concerts or athletic competitions. Companies are also banned from offering certain “tangible” gifts.

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