While certain academic mistakes can be repaired after you find your focus and intellectually buckle down, repairing financial mishaps are not that easy. In fact, certain financial mistakes made during matriculation can take up to seven years to mend. So knowing your score and what’s in your credit report should be just as urgent to you as knowing the grade of that research paper you just submitted.

One of the most common mistakes college students make is misusing credit cards. Granted, it is hard to keep your head above financial waters while in college. And ascribing to the “buy now, pay later” adage is not a very hard sell. However, credit card companies know exactly how, when, and where to dangle reward offers that makes signing on the dotted line very appealing. So you shouldn’t be surprised to learn that in 2008, the average credit card debt of undergraduates exceeded $3,000, according to USA Today. The old adage applies: “If it sounds to go to be true, it is!” It’s best that you learn that one now!

Think of it like this: would you take really difficult classes that you hate? (You know the kind of classes I’m talking about….where your best would only get you a C.) Did I mention these classes wouldn’t even count towards your degree, so the blood, sweat, and tears would only be in vain! Let me guess, the answer would be an emphatic NO!!!!! So why would you use a credit card without really needing to, and without any understanding as to how a credit card really works?

Not using a credit card may be easier said than done. In the last decade the cost of attending four-year colleges has increased close to 50%, and during recessions, lenders tighten their purse strings. Using credit cards may sometimes be the only way students can live while they aspire to be the next Oprah, Dr. Oz, or Jack Dorsey. However, your credit report is going to be with you every step of the way. A credit report is not your Facebook or Twitter page; you cannot just sanitize its contents whenever you want.

Your credit report includes your personal information, financial history, employment history, notes from previous creditors and so much more. It contains so much information because it provides insight into your creditworthiness and your integrity. It would be in your financial interest to keep the GPA of your credit report on the Dean’s List.

It may be cliché, but knowledge is definitely power—especially—when it comes to your credit.

Carrie Davis is the lead columnist for SpendOnLife.com, an online resource dedicated to ensuring readers have the latest and most thorough information on credit scores, debt, and identity theft. She has a passion for educating others on how to achieve financial independence.

College Credit Cards on Spot – Chicago Tribune
New Program Erases Student Loan Debt – The Mercury News
Rates Dropped July 1 on Some Student Loans – Cleveland Daily Banner
Graduates Need to Go on a Strict Debt Diet – The Courier Journal
College Guide Answers Questions for South Carolina Families – GreenvilleOnline.com

This week, I want to talk a little bit more about the last article. The news story points to a Guide that is free to anyone, but is supposedly geared toward people from South Carolina. The guide can be found directly by going here. It’s all about finances and college and the suggestions and information included are good for you wherever you live. I will warn you that the guide is 125 pages long, but very worth it. You can see the titles of the chapters below.

Chapter 1: Preparing for Success in College
Chapter 2: Navigating the College Admissions Process
Chapter 3: How Can I Afford College? Solving the Financial Aid Puzzle
Chapter 4: Understanding College Savings and Investment Choices
Chapter 5: Working through College: Is a Job Part of Your Investment Plan? Chapter 6: Maximizing Your Investment Return: Planning for Career Success
Chapter 7: Investment Costs: How Tuition and Fees are used at Institutions Chapter 8: The Public Investment: The SC Funding Process for Higher Education

I would suggest you go to the site and you download the guide and start processing through it in your free-time. I haven’t read it all, but what I’ve seen has been good and insightful. Give it a look for yourself!

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