You're a student now... how do you get credit?

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Students generally live on a limited budget, so the most important thing for you to consider is whether or not you can afford a credit card, and if so, what your ceiling should be on your credit. It's not likely—if you're a typical undergraduate without a prior history of credit, and only working part-time—you'll get much of a credit line, but it's a good idea to begin to establish your credit history early. Then, when you've finished school and are considering major purchases, getting sufficient credit won't be a problem.

• Students are often offered cards at higher rates and with lower credit limits than other borrowers, so look at the terms and conditions carefully.

• Students should also only use their credit cards for emergencies, or unexpected expenses (if you can eat it, drink it, or wear it, it's not likely an emergency).

• Students could consider having a parent co-sign their credit card (and then parents should read the conditions very carefully).

• Students can also consider a secured credit card, which means that you've put money against the credit card and can only spend to that limit. This may help you to keep your credit spending under control.

• Set a limit to your credit—$1,000 is probably plenty to cover any emergency.

• Limit the number of cards you carry—setting a $1,000 credit limit on five cards means you have a $5,000 ceiling. Ask yourself: can you really afford that?

Students too often learn about credit cards the hard way—after they've racked up a huge debt they cannot pay. It's a tough lesson, and one that can hurt you when you go to rent an apartment, secure a mortgage, or try to establish a line of credit. So be sure you can afford to borrow, before you do so.

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