Student credit cards, things to consider
The result for many has been to default on those credit cards, which has affected their credit scores. To qualify for a new account, those individuals must now seek out credit cards for bad credit. Banks who offer credit cards are tightening their standards and taking on less risky customers. Current customers whose accounts are in good standing are even faced with term modifications as a result of the tighter restrictions. Many of those customers are finding decreased limits on their credit, increased required monthly minimum payments and higher rates.