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59 Comments
- 80hd, on 01/10/2009, -1/+32I sign up for credit cards with fake info every semester when they push this stuff. The trick is to use your own info but swap a few digits so things don't affect your credit or fill your mailbox.
I've picked up countless free lunch coupons filling out applications :) - imjustabill, on 01/10/2009, -0/+25I remember during my college orientation we watched a video about the dangers of credit cards. Later, they handed out bags with some paperwork and other stuff to fill out, and in there was a credit card application.
- Bobboq, on 01/10/2009, -1/+25So NYTIMES thinks this is just happening?
- inactive, on 01/10/2009, -1/+21The credit card hawkers outside of academic institutions have always seemed akin to the money changers outside the temple in the Bible
- hawk0168, on 01/10/2009, -0/+17I too have done this many times. I put addresses similar to my own in a different city with all the rest faked easy to remember info. They quiz you on your answers and check your ID. Tell them your ID is for one of your parents houses, or you've moved, or whatever. Free lunch, and the dude working for the credit card company couldn't care less.
- d2002, on 01/09/2009, -1/+15But how can you say no to free t-shirts!
- boogieordie, on 01/10/2009, -0/+14I went to Michigan State. I'd walk by those people all the time and NOT sign up for a credit card. It really wasn't that hard.
- PeppermintPig, on 01/09/2009, -0/+14Sounds like more debt!
- spectxim, on 01/10/2009, -1/+13Help companies try to bankrupt youth by handing them credit when they are eating 50 cent bags of ramen in dorms... Yeah--that's good for the economy.
- david76, on 01/10/2009, -0/+12FTA "Bank of America’s relationship with the university extends well beyond marketing at sports events. The bank has an $8.4 million, seven-year contract with Michigan State giving it access to students’ names and addresses and use of the university’s logo."
The notion that the college I attend actively sells my information to credit card companies is pretty sad. Perhaps universities should spend a little more attention on academics and a little less on massive stadiums and sports scholarships. - inactive, on 01/10/2009, -1/+9...and tuition keeps going up.
- jjalsop, on 01/10/2009, -2/+8If you sign up for a credit card just because you can get a free t-shirt out of it, then you deserve the crippling debt and future financial struggle.
- Dustin00, on 01/10/2009, -0/+6The colleges giving student info to the banks should be illegal.
- kurtwinter, on 01/10/2009, -1/+6This is predatory lending. The big banks give students "only" $2500, and then wonder why the accounts go delinquent or bankrupt. They then complain to congress to change bankruptcy laws. Would anyone here lend an 18 year old, with a part time ***** job at most, $2,500? And if you did, do you really expect to get paid back? ***** the banks, and ***** the schools that allow these loan sharks on their campus.
- DickyT83, on 01/10/2009, -1/+6It's really not that difficult telling them no thanks. If anything, do like the others said, give fake info for free *****.
- kufurex, on 01/10/2009, -0/+5You know what happened with I ran up a credit card bill? I didn't bitch about how I was tricked into spending money. I stopped spending and slowly paid off my debt.
No one forces the students to sign up for cards and spend money they don't have on crap they don't need. - bdbr, on 01/10/2009, -0/+4When I went to college (many many years ago), getting a credit card was actually rather difficult. You'd have to start off with gas station or department store cards to build up a credit history, then you'd have to use them some to have a history of paying off your debts.
Its no wonder we're in a credit mess these days. - ripple123, on 01/10/2009, -1/+5usury is the word i think your looking for.
- BESTenemy, on 01/11/2009, -1/+5"Never too early to enslave" that's their modo. "Don't be stupid" - should be yours.
- Skishy101, on 01/10/2009, -0/+4Signing up for cards and canceling them is actually bad for your credit. If you are that desperate for a crappy t-shirt go to goodwill.
- method7670, on 01/10/2009, -0/+4Sounds exactly like how my best friend ended up 15k in the whole falling for ***** like this.
- roho76, on 01/10/2009, -1/+5This is the most appalling and repugnant thing Colleges do. I remember I didn't even get to the registration office before I was attacked by credit card offers.
I say don't pay these *****. All the Credit Cards, car payments, mortgages, financing of any amount, don't pay them. What the ***** are they going to do? They have been playing a game of Russian roulette with our money in this country for almost 100 years now. Let's call their bluff. Don't pay these people a dime. Our economy has been hijacked by the Federal Reserve. They make money available to lenders so cheap then they turn around and offer it to you for a free T-Shirt, water bottle, and a bobble head of your school mascot (which I'm assuming was given to them by the school to hand out) and no interest for the first 6 months. Then when your stupid maxed out on all them and miss one payment they increase you interest to some unbearable % on all your cards even the ones you have been paying on time. This is a huge joke and we are the butt of it. - kelmaster1, on 01/10/2009, -0/+3Banks aim at college credit cards because they know college students are unfamiliar with credit and their expenses are high with relatively low income. It's a good learning process though...
- Susanamanda, on 01/11/2009, -0/+3Yeah, it's got to make me wonder if some of these students are smart enough to go to college...
- TheInformer, on 01/10/2009, -1/+4Better yet, give them he info from a prof that you despise and watch the fun begin later in the semester.
- tech70a, on 01/10/2009, -1/+4I also walked by all of these people when I was in college... and when I got out, I decided I needed a card. I applied everywhere, and without credit history I was denied. It took me almost a year to find get an "alumni card" from my college - where the college makes a few cents on every purchase. 8 years later I've never had a late payment, I've had them put a cap on my credit line numerous times, and I get offers practically every week. Of course I got rid of that card (why should my credit purchases have anything to do with a school I despise?) and now have a rewards card... Now *I* get a few cents on every purchase, not my former college.
In other words I think they are doing a great service to responsible people by offering them a way to build their credit history. Without people like this, we might all need to convince a parent to co-sign a loan... and that wasn't happening with me. - Anand999, on 01/10/2009, -0/+3Seriously 1/2 of my wardrobe in college was freebie T-shirts. Not all from credit cards though - job fairs and blood donations are a good way to pick up free apparel too.
- Mothrog, on 01/11/2009, -0/+3I'm so sick of hearing about this nonsense. They're legally adults, and anyone incapable of figuring out that spending thousands of dollars you can never pay back on a high interest credit card is a bad idea shouldn't have made it through the doors of a university.
- Skishy101, on 01/10/2009, -0/+3My college will not accept credit cards for tuition payments now and the cost per credit hour is extremely cheap.
- BlacklabelSAR, on 01/10/2009, -1/+4So colleges allow their students to be prey for banks, and never talk about how Fractional Reserve Banking works.....
Money as Debt: http://video.google.com/videoplay?docid=-905047436 ... - BlacklabelSAR, on 01/11/2009, -0/+3Watch this, and see if this changes your mind at all.
Debt as Money: http://video.google.com/videoplay?docid=-905047436 ... - Mothrog, on 01/11/2009, -0/+3Sounds more like your best friend's a moron with no self control.
- filovirus, on 01/10/2009, -2/+4Don't use a credit card until you can pay the balance off every month, unless you have a dire emergency. They still win by getting a cut of your purchases from the vendor, but you can earn cash back or points on purchases you would normally write a check for. Banks don't. Cash doesn't either.
- Timmmm, on 01/10/2009, -0/+2We always got free stuff from law firms and investment banks. The best was free ice cream on the Cam. And the banks give about £50 or a railcard to you when you get a student bank account from them. Don't remember free stuff from credit card companies though. Must be different in the US.
- satcomer, on 01/10/2009, -1/+3I know. this trick was going on in the early nineties too. A friend who graduated college in 1985 says they did this when he was in school. So it is definitely not new and NYT is fishing for a story now to pin the "evil" banks with something bad.
- crsnglb, on 01/10/2009, -0/+2I couldn't get a credit card in college because I had 0 credit history (but so do most other college students so I have no idea how that happened). I had to do it the old fashioned fashioned way and get a co-signor on a car loan until I could re-fi under my name alone. I guess it taught me to appreciate credit, however, because now I have an established credit history and a total credit card debt of around $200 for the textbooks I purchased this semester.
It's when college students are paying for their meals every damned day on their credit card when the trouble starts, I'm sure. - inactive, on 01/11/2009, -0/+2too bad they do a credit check for approval w/ ss number. wouldn't work.
- BlacklabelSAR, on 01/10/2009, -1/+3You sound like someone who thinks they can beat the odds in Vegas, if they just use the right system. Nothing, NOTHING, about credit cards is a good deal.
- harbon, on 01/10/2009, -0/+2Great plan scamper. Let's ruin some more lives with predatory creditors. Social Darwinism ftw.
- AROERS, on 01/12/2009, -0/+2Watch Maxed Out (stream or dvd from netflix). This was covered well in here.
http://www.netflix.com/Movie/Maxed_Out/70058892 - filovirus, on 01/11/2009, -0/+2They may not be a good deal for you, but for some they are a wonderful deal. They are not for everyone. Just keep on paying cash if you can't use one to your advantage.
- inactive, on 01/11/2009, -0/+2It's funny, I don't know about any of you guys, but I don't recall taking any sort of finance or debt managment class pre-entering college.
It's like they set you up for disaster. Why doesn't the government require all highschools to teach their students about debt management and the dangers of credit cards?
These companies market their crook services to students simply because students in general are nieve to the severity of credit card debt. A nieve citizen is a profit in the credit world.
What a free and fair market - Mothrog, on 01/13/2009, -0/+2"How about educating at a college? Wow!! What a concept."
Should we also be teaching them how to tie their shoes, wipe their own ass, and balance a check book? Not spending money you don't have is a bit basic. It's not something that needs to be taught at a college level. College is not daycare for legal adults. - complacentpanda, on 01/10/2009, -1/+3This is done at many, many colleges. I'm sure that many kids get these cards and fall into debt. Some might cut them up when they come in the mail and be happy with their free food. Others may put false information down...I used to do that.
Bastards. You're going to make a lot more off the kids who have to pay 15%+ in interest than you're spending on these Carls Jr. burgers! - bdbr, on 01/10/2009, -1/+3...and they have parents to fall back on when they get in trouble.
- roho76, on 01/12/2009, -1/+3How about educating at a college? Wow!! What a concept. They should educate their students about credit instead of shoving it down their throats and then profiting from it. This would actually do a service to our country instead of helping to create these financial crisis. These colleges know exactly what their doing.
- SamSks, on 01/11/2009, -0/+2Ding...ding...ding...ding...ding...ding...ding...ding...ding...ding!
The Winner of the thread! - scamper22, on 01/10/2009, -0/+1Sounds like a good lesson for the students.
It's about time you stop being sheltered when you hit college. Better you learn a hard lesson when you're young, single, with no dependents. - mangomania, on 01/11/2009, -1/+2What started out as a way to avoid carrying cash or checks, known then as “charge cards,” has blossomed into the giant credit card industry we know today. With so many cards to choose from, how do you pick the one that’s right for you?
http://mycredit-score.org/going-shopping-for-a-cre ... -
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