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When I was an undergrad I was sent a credit card that I never applied for with a $5000 credit limit. I had NO job and NO credit to speak of yet they sent it to me! At the same time my older brother was working full time making 45K a year (this was 1987 or so ) and was turned down by his bank for a credit card! He didn't have bad credit he just had no credit history. He finally got one by appealing further up the chain of command at the bank with a credit limit of $1000. Meanwhile I was buying beer and designer jeans on mine ! I was also 30 yrs old by the time I paid it off! My parents have perfect credit but never once had this conversation with me regarding the use of credit cards! I have a child headed off to college next year and we have been having this conversation ever since she got her first birthday money in her hot little hand! Thanks for the great service you provide for those of us that failed "personal finance 101 " back in college!
By Lisa Blocker
