Okay, it's been awhile since I was in college, but I remember my senior year in High School, all my friends that went off to college came back a little fatterhealthier than when they went to school. Be careful, they warned me, of the Freshman Fifteen (or Fifty, depending on who you asked). What's that mean, I'd inquire. Seems like everyone who goes off to college ends up packing 15 to 50 pounds on their frame. Not normally muscle, mind you but good old, grade F LARD! With all of the horror stories I heard about college food, I surely thought my friends would come back a heck of a lot skinnier. Anyway, when it was my time to go to UTA in the fall following my graduation, I was really worried. But fortunately, by Christmas break, I wasn't any worse off weight wise. But credit wise I was in serious trouble.
What they should have warned me about was the Freshman Five Hundred. The first day of orientation and almost every credit card company is planted on every square inch of the campus. I signed up for my first checking account just the week before and gotten my first ever ATM. Visa logo and all! On this day I can't remember how many free t-shirts, coozies, bags, and numerous trinkets I got for signing up for them but I know I don't have them anymore. What did I need a Sears card for? Was I going to buy a riding lawn mower? What was I going to do with a Home Depot Card? I live in an apartment. The list goes on and on, but by the end of the month, I had one ATM card, 2 department store cards, and 4 credit cards with balances ranging from $200 to $2000! I'll tell you what. If I was smart I would have cut them up right there. Nope, in my mind, I just hit the lottery. I worked for UPS part-time, went to school full time, paying for a brand new car, and the expenses that came with going to school and partying. Long story short, at the end of my freshman year, my lowest credit score was a 589.
So if you have any kids going off to college this year, tell them not to worry so much about adding a few pounds, but please advise them on the importance of credit and maintaining a positive credit history. There's nothing wrong with opening up credit accounts in college. You have to start somewhere. Just remember that it's uber important to foster responsibility from the beginning. As important as getting a degree is, learning and respecting your credit is an important lesson to be learned your freshman, and the benefits that come with a credit healthy future!
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James, Exscellent advice ! My daughter ended up pretty much where you were. I wonder if the high schools do any work in this area ?