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Originally Posted by bowener
I was ****ing with you on this one.
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Oh ... well, I haven't read tons of your posts, so without a smilie I can never tell who's being smartassed and who's not.
My fault.
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Thanks for the rest though. It makes me feel a little better about my future, but it is still going to suck.
The only problem I have is that I have a pretty large credit card bill due to the fact that a tuition rate hike forced my loan to be short so I have to put a 3 hour class, and $641 in text books on my credit card to start the semester. So that, and other credit card stuff, like electric and gas bills, my CC is up to around $3000 right now. I realize that isnt high for most on here, but for me, a college student with no job currently (laid off  ) it really blows. I am going to get my next student loan for about $2000 extra so that I can pay off my school and 2/3 of my credit card, then I am going to cut the ****er in half and pay off the bill by this summer and then never use it, unless it is an emergency or I have a good job. My CC is through Citibank and my rates went way up recently, so that is where a lot of the trouble has come from too. I am basically just paying the interest now, so there is no decline in the debt.
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Ouch ... using CCs for basic bills is such a horrific idea, but better than a payday or car title or refund anticipation loan (all of which everyone should avoid --
always).
At this point, you've got the right idea. Get some extra student loan $$ and pay off the CC in full (or as much as you can). You're also smart to cut it up, yet keep it open -- that will increase the amount of credit you have used compared to what you have available and, thus, increase your score.
In the future, even when you get that kickass job (
) only charge what you can pay in full each month. That will send your score through the roof.
Don't worry -- you've obviously got a lot of life in front of you. Just get the card paid down, watch your spending and make a budget -- even without a job. Heck, it's even more important when you're unemployed to know where every dollar goes, so do that ASAP!
Then, just be smart, use credit wisely, and you'll be all good.
MM
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P.S. For those wondering, I had horrific credit in college (like 450). I now have a score of 800+. Granted, it's been several years of work on that, but it can be done.