Mississippi Credit Card for Students

By: EconomyWatch Content Team   Date: 3 February 2010

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When it comes to securing a Mississippi credit card, it is important to understand some basic factors and determine if a student credit card is the right option.  According to one research firm, 81% of all college students in their freshman year, they possess a minimum of one credit card.  Many of these are cards connected to a parent’s credit card account or so-signed by a parent or guardian.  While it might seem strange that such a high number of 19 to 20-year-olds have a credit card, most need one.

The reason is that freshman in college need to pay for books and other things associated with school, some may need to rent a car for a trip home or perhaps take care of a car emergency on an owned car, or take care of emergencies.  In other words, a freshman in college having a Mississippi credit card is not out of luxury but for necessity.

However, whether the Mississippi credit card is one associated with the parent or one the student secured on his or her own, it is critical that the card be treated responsibly.  The minute the card has been approved, a report is sent to one or all three of the credit bureaus (TransUnion, Experian, and Equifax).  At that point, every transaction associated with the card, whether a purchase or payment is being recorded and reported.

Therefore, as soon as a Mississippi credit card account is opened, the student must be responsible or there will be horrible consequences to pay.  The reason is that a person’s credit score, called FICO is what determines if a person is credit worthy or not.  The more credit worthy the more buying power and the lower interest rates charged on loans and credit cards.  The less credit worthy and trying to purchase a home car, or secure a credit card would be difficult, if not impossible.

The credit score takes into account a number of things associated with a Mississippi credit card or any state card to include credit limit/balance, late payments, number of credit card accounts, any collections on any of the cards, age of the account, and more.  Again, while a Mississippi credit card can offer tremendous benefit, especially for students in college, it could also lead to a lifetime of problems.

The best thing is that as long as the Mississippi credit card is kept below the balance, payments are made on time, and no more than two cards are kept, this would make a significant difference in the credit score.  However, the score is not just for credit cards but mortgage loans, car loans, boat loans, retail store charge cards, etc.  It all comes down to being responsible and in the end, the good credit score would provide rewards.

Today, a Mississippi credit card has become such huge business that new federal laws have recently been established to protect them.  For this, credit card companies, banks, and credit unions cannot market college students during orientation or other specific times, they cannot offer free items to only those applying for a card unless all students on campus receive the same free items, and more.  Credit cards are beneficial but only if properly managed.


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