I’ve only had credit for a few years, but my middle FICO score is 747 and I’ve never had to pay a cent of interest. My credit card company makes money every time I charge something because they charge the merchant a fee to process the transaction. I only have one card, but my credit limit is $25,000. The most I’ve charged was close to $4,000 when I bought a DSLR (I’d saved up for it) and had to replace the side-by-side fridge/freezer and bought a spare upright freezer for the garage. (It has honestly paid for itself because I cook at home and can freeze leftovers or meats that I buy on sale.)

The problem with college kids is that MANY lack self control or know the difference between a want (pizza, beer, iPod, Wii, movie tickets, newest Mac laptop, Urban Outfitters wardrobe) and a need (if you get down to it, you can get clothes from the clearance section of Wal-Mart or at Goodwill, drink tap or filtered water, eat Ramen or “rice and beans”, and either live at the dorm or in a shared apartment or other living arrangement).