Day 10: Your Name, In Plastic

No matter what else you do financially, a huge part of your financial future is dependent on your credit. Your credit history means everything when it comes to doing things like taking out a student loan or buying a home. So how do YOU build up a solid credit history? It all starts with making sure you have a credit card with your name on it that is not linked to anyone else.

You might already have one credit card, or ten. No matter what your credit card sitch is currently, you've got to make sure you're on top of it and know the credit card rules. First of all, while one swipe of your credit card may get you whatever you want in a given moment, it's not cash. A credit card transaction just means you're borrowing money and promising to pay it back later. It can be tempting to spend money that you simply don't have with a credit card, but we're telling you: You must not do that. Instead, you should have one credit card, with your name on it (so you build up your credit history), and pay it off in full, every month. The basic thing you need to know is that credit cards can be dangerous for some people—if they spend more than they have. But, YOU can make your credit card your key to a brilliant credit card future. You can, and you will!

Go grab your purse. Take out your wallet. Pull out your credit card(s). Turning a blind eye to your credit cards is simply not allowed, so figure out where you stand today. Do you have a card with your name on it? Having one of these is what you need to have. If you have too many, pledge to cut back. Action Time: 5 minutes Know these four major credit card rules. By heart. •Never miss a payment. (Your credit card payments should already have scheduled reminders!! - you were paying attention during Week 1 of Bootcamp, weren't you?!) •Don't cancel more than one credit card a year. (Canceling credit cards can be tricky business, so know what you're doing first.) •Never open department store cards. (Retail cards have insane Annual Percentage Rates, so don't go there, EVER. And, NO, we don’t care that you could get a 15% discount today...) •Never take a cash advance. (Credit cards aren't cash, and using a credit card to get cash will result in crazy immediate interest rates.) Action Time: 5 minutes If you don't have a credit card in your name, and your name only, get one now. There are tons and tons of different credit cards out there, so use the"I Need to Open a Credit Card" checklist to walk you through it. Action Time: 5 minutes

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