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Your FICO score is a number which represents your financial standing, it is calculated using a complexed formula containing your previous and current financial actions. FICO scores range from 300 to 850, with 850 being the best, and 300 being the worst. Things such as balances and payments to credit cards, utility bills, mortgages, car leases, and other loans are all factored into your score.

Your track record begins with your first student credit card. From there your will begin the building blocks for your financial future. You must control your spending habits, and treat this power like sustainable energy. Never spend more than you are worth. Paying off the full balance every month is like having access to free money. When you avoid paying any interest you have accessed a source of free energy. Plastic junkies are doomed from the start, they must have everything now.

Anyone with access to your credit card information can process charges against your account. However, you are not defenseless against this type of theft. There are Federal statutes that lay out specific guidelines for both the company that prepares your credit card statement, and for how you go about contesting invalid or incorrect charges. The process is not automatic. You have to (1) identify invalid or incorrect charges and then (2) contest the bogus charges in writing within a specific timeframe.