Lenders look at your credit report to determine whether you qualify for a loan or credit card. Inaccurate information could lead to an unfavorable interest rate or outright denial of your application. You should periodically request copies of your credit reports and check them for errors. If you find a mistake, act immediately to have it corrected so it doesn’t hurt your chances of obtaining credit.

Starting college is full of all kinds of new experiences. Students are left on their own for probably the first time in their lives, and it can be daunting.

Using a credit card can be one of those “firsts,” and parents can help by explaining how credit cards work and instilling good financial habits in them. Here are some credit card habits students should learn before they get to college:

A common phone call that new credit cardholders get from their bank is an offer for credit card add-on products, such as protection against fraud and identity theft. Payment protection is another service offered regularly, providing a monthly payment to the cardholder’s account if they lose their job or are sick in the hospital.

Credit monitoring and debt-cancellation products are optional and are paid for through a monthly or annual fee.

If you have an old credit card that you no longer use, you might think that it would make sense to close the account. Under some circumstances, that can actually backfire and hurt your credit score.

Factors That Impact Your Credit Score
Credit scores are based on several factors. Algorithms analyze an individual’s history to figure out how likely that person is to fail to repay debts or to make payments late.

The offer of a zero-interest credit card can look enticing when it arrives in the mail. Who doesn’t want to avoid paying interest on credit card charges?

As with most things in life, there are pros and cons to using 0-percent credit cards. Here are some facts to consider before you respond to that offer:

Charging too many expenses to your credit card can happen occasionally. It leads to what’s called a maxed out credit card, meaning you’ve gone over or are close to being over your assigned credit limit. 

It doesn’t mean your financial world will come crashing down around you. But it is something to take notice of and deal with. 

A credit card’s mobile app can give you immediate access to your account, making it easier to track purchases, make payments, review monthly statements, report a lost card and view rewards, among other things.

But not all mobile apps are the same, and knowing what’s available can make it easier to choose a credit card and find the features you want in an app. Of course, that’s after you’ve found the card with the best interest rate and rewards you want.