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Added May 13, 2011 from: Joe Taylor
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Answered By Joe Taylor:
Due to new rules of the CARD act of 2009, if you're under 21, you might need to find a parent, a family member, or a close friend to act as your co-signer. That means they'll be on the hook for the next two years if you fail to make the minimum payments. Use your new account to open a dialogue about how to use credit cards effectively as part of a long-term credit building plan.

Adding a co-signer reduces risk for lenders, but it also forces them to stay competitive by extending the kinds of features and perks you rarely used to see with student credit cards before the new regulations went into effect. Regardless of the benefits and perks your card will provide, it's important to stay focused on building a good credit history. Making small purchases, staying under 10 percent of your total available credit, and paying off your account each month are key steps in building a solid credit report.

Because your credit score improves as you maintain a history with a lender, think about signing up with a lender that offers other accounts and services you think you could grow into over time.

This question is about:  Build / Rebuild Credit
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