Is it time for a new credit card?

[vsjhoc]

The response you got on myFICO was written by a former forum moderator. He knows whereof he speaks.

[sounderella]

My advice would be to keep the 1. I had the student card with a $300 limit I paid in full each month but then I made the mistake of getting others now I'm trying to climb up for air

[maat55]

You can build fast credit, the risky way or slow credit the safe way. She is too young to worry about fast credit. Learing to manage your money with less debt is a good plan in the long run.

Remember this: You don't have to borrow money for everything you buy.

Having a good job, paying your bills on time and having money in the bank, is much better than a few points on your fico score.

I use two cards for gas only and PIF. I have no trouble renting cars, etc.

[LuxLiving]

What is PIF?

[Seeker]

What is PIF?

PIF is an new abbreviation used here to mean Pay-In-Full; I don't think I've seen it used elsewhere

To the original poster, if this student is working part-time and has an "income" then I would recommend one Visa, one Master Card and maybe a Discover Card.

I don't know which "banks" are best or not -- but usually those qualities only come into play when/if accounts are not paid-in-full each month.

If the student you are advising has no income from work, then one card is enough for now.

As they get out in the working world, then can built their credit there, and even with one CC, offers from other CC companies will come down the line.

As a college student in the late 80's, I had two CC's. By the early 90's I had 7 and due to CC company failures (and/or mergings) I have five today. My Fico score was 829 in September of last year. I have never cancelled or closed any account, though they have been closed on me (even some for non-use).

[LuxLiving]

Qualifier: As long as she does the pay in full thing too. I just helped my boys each get a CC. It is to be used as a tool to establish credit in hopes of someday buying a house. It is not to be an open line of credit. They will be using it to buy things that they've already saved for. Example: To buy a set of tires, once the Tire Fund is full and we're ready to pop off and buy tires any way.