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[R239]Requirements For Credit Card

by Sue Hunt, Sue

One of the most important things a student who wants a credit card must do is a financial assessment of his/her current situation, research the net and the books, review which one has more rants than raves and question all the people to be involved in this credit card application. It is very important that the student knows everything that he/she is getting into before the actual request.

It's no fun at all applying for a card and just being rejected once or twice. That is why college credit cards were invented, to help small earners like you because you are still in college. But don't worry what you need to remember is to develop a good credit card history. Since you are starting you just need to be a wait a little. Remember patience is a virtue.

Here are certain things you need to remember:

- If you have your own place now, remember one thing. PAY YOUR BILLS ON TIME. That will definitely put a star in your potential to be a good credit card owner. Companies will see that and you might just be shocked by the number of companies wanting you as their customer. They will swarm to you like bees to honey.

- Credit cards can deceive us to thinking of wealth we don't really have. Avoid using the card unnecessarily.

- Use this card to put an A plus on your credit record.

- Make a small financial plan for yourself. Plan what you will be spending and plan how you will be able to pay for it.

- Assess yourself and know and how much you can really afford.

- Do not over spend. You will just kill your credit record.

- Use your card regularly; don't make it look like it has not been used.

- Beware of fees. Especially late fees due to your inability to pay at the due date.

- For some credit card companies student cards have no annual fees. Be sure to grab that.

- Can help pay for tuition fees.

- If at anytime you transfer addresses immediately notify your credit card company so the bills will still be able to get to you at the proper time.

- Low interest rates

- Not only is this credit card helpful it has a lot of incentives stuck with it. (Like tickets to see MTV shows).

Not all good things are meant for you. Things as important as your record need to be acted upon responsibly. If you have a knack for spending a lot or you are already termed as the impulse buyer you might want to give this a second thought. This will only entice you to spend even more. False wealth is never a good option.

Having bad credit will cause you even more worries eventually as it will reflect on your credit record. Not only will you have problems with debt, you will also lose a chance for home loans, payday loans and automobile loans.

Above all this, know your rights through the Fair Billing Act for Consumers.

- If someone stole your card and was used, you will not be legally responsible for what happened. Just remember to immediately report this lost card.

- If a certain good or service was ordered but was not received, what ever was charged in your bill will be cancelled.

- If someone used your account without your authority you may also let this be cancelled in your account.

- If there are any mistakes in your billing

No matter how young you maybe it is not an excuse to act like a kid. Act conscientiously and maturely, know what will pull you down and what will bring you up. Credit records are stuck to your name for a long period of time. You shouldn't put any blemish in it. If you unluckily did try your best to have it removed in your name.

Good credit records will aid you and allow you to be given loans for your house, automobile and payday loans. Starting with your student card and keeping it blemish free will give you more chances to use these loans at the time you will need them. Isn't that neat? Clean record and better chances of loans in the future. Cool.

6 PM on a Thursday night. My friend's brother is about to go out when the doorbell rings. Two unhappily looking men and a warrant for arrest are outside. Oops. 5 AM on a Friday morning. Guess what ' no more sweet dreams because all of a sudden I should "locate and deliver" the lost brother who is slowly drifting his way through the New York City Criminal Justice digestive system. It should take about 24 hours from arrest to arraignment in New York and it could be difficult for relatives to find you during this time. So, locate? Maybe. Deliver? Not so fast. After displaying some creative telephoning skills, I discover that our little problem is credit charges of credit card fraud, identity theft, and grand larceny. The poor fellow has helped himself to about $15,000. Bad for him, but really, he's lucky to be investigated by the local cops, not by the feds.

This scenario repeats itself now and then. Well, not with my friend's brother, of course. In 1980, Visa and Master Card lost $110 million to credit card fraud. In 1995, that number swell to about $1.63 billion, according to some reports. A 2005 FBI report showed that credit card fraud was the majority of the total $315 billion U.S. financial fraud loss. Well, you got the point. Throw in the fraud opportunities presented by the Internet, and you can see that one of the economic effects of credit card fraud is that criminal defense attorneys will never be out of work.

Credit card fraud has many forms. The front-runner is the police ever-popular unauthorized use fraud. This is self-explanatory.

Next in line is application fraud, which means that you have lied ' well, let's use a friendlier term "misspoke"- on your credit card application, usually by using fake name, address, etc.

Intercept fraud means that you apply for a credit card in your dear uncle's name and steal the card from the uncle's mailbox or post office before it arrives to him.

Sometimes, you may see counterfeit credit cards, which means that you make (if you know how to do it) a piece of plastic that looks like a real credit card and uses real account information that you stole. (Yes, from your uncle, of course, who doesn't have a clue about this.)

The list goes on. Those criminals who are really into this can and do engage in more complicated schemes that require some know how, usually Internet-related.

So, what lies ahead of the credit card fraud defendant after the dust settles? This really depends on the severity of charges, the amount of loss, prior criminal history, a bunch of other things, and yes, on court's jurisdiction. The court of choice of a criminal defendant is the state court. Earn federal charges and colors of life will appear much bleaker to you. The great state of New York will probably throw at you charges of grand larceny, unauthorized credit card use, and identity theft. Other gifts may include charges of theft of services and possession of stolen property.

New Jersey will probably present you with charges of theft, false statements, intent to defraud, fraudulent use, and other charges. If you steal faster than your guarding angel can fly, there is a good chance you will steal your way into the federal prosecutors' net. Then, by the time your case is finished, you will have the intimate knowledge of the Identity Theft and Assumption Deterrence Act and other federal fraud charges contained in Title 18 of the U.S.C., including identification fraud (18 U.S.C. §1028), credit card fraud (18 U.S.C. §1029), computer fraud (18 U.S.C. §1030), mail fraud (18 U.S.C. §1341), wire fraud (18 U.S.C. §1343), and financial institution fraud (18 U.S.C. §1344). Not enough? Well get this: each of these federal felony charges includes absolutely draconian penalties. As a criminal defense lawyer as well as a consumer, I recommend that you stay clear of credit card fraud, if you can, of course. If you cannot and now your local friendly law enforcement people have questions for you, my second recommendation is to call a criminal defense lawyer right away.

Copyright (c) 2008 Joseph Potashnik

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Both Sue Hunt & Joseph Potashnik are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Sue Hunt has sinced written about articles on various topics from Credit Cards. . Sue Hunt's top article generates over 4400 views. to your Favourites.

Joseph Potashnik has sinced written about articles on various topics from Legal Matters, Dental Practice and Legal Matters. This article is provided by Joseph Potashik, a criminal defense attorney practicing in New York City and New Jersey. He represents criminal defendants in state and federal courts. Please visit Mr. Potashnik's websites at. Joseph Potashnik's top article generates over 60500 views. to your Favourites.