Show Buy Now Pay Later Daniel Contributing Writer The commotion of shoppers visiting visiting visit visit- visiting ing the mall is steady people of all ages buying now and paying later with a little piece of pla plastic tic known as asa asa asa a credit card The use of credit cards has become a part of everyday life for most Americans Last year Americans paid out approximately 65 billion in interest I use many different credit cards said student Monica I almost have a card for every store I shop at even if I have the money I like to use my cards Credit card companies begin to solicit the average American at the age of eighteen student Aimee Martin said that she receives at least six mailings a week advertising credit cards There are many ways to apply for a credit card including by mail over the internet or by phone It takes four to eight weeks to get your credit card if you are approved Credit card companies or lenders look at many different factors when reviewing an applicant The most important factor is the credit score A persons person's credit score is based on their credit history Most common factors that effect credit scores are late payments number of credit inquiries made and debt to income ratio It is important to begin building credit early Most loans require a good credit score as well as five years of credit history College is a good time to begin building credit When I went to buy a car I had two different banks trying to give me the best interest rate on a loan said BYU student Heidi Jenkins I later found out that it had affected my credit cred cred- it score store every time somebody pulled my credit A credit card if used wisely can bean bean be bean an excellent tool to gain credit Purchases paid off during the grace period will accrue no interest Consumers need to make payments promptly to avoid late fees and limit their number of loans A person that doesn't make the monthly minimum payment frequently frequent frequent- ly will be sent to a collection agency After a certain number of months the account is sent to charge off This will negatively affect a persons person's credit cred cred- it score The average college students student's credit cred cred- it score is in the A person with witha a score over has outstanding cred cred- it A score in the is the ideal for students building their credit |