Freshman year, I began pledging for a sorority. For one of the fundraisers, we had to get 50 people each to sign up for a citibank credit card. I walked around campus and made all of my friends sign up for them. I was still about 7 people short. There was no way that I wanted to walk back into that sorority house with only 43 people signed up. I decided that I would just sign up for the last 7.
Bad Idea.
Within the next month, I had received credit card after credit card until I had 7 citibank cards in my possesion. I figured that it can’t be so bad to have that many credit cards. I’ll just charge a little bit on each card and pay them off, and eventually I would have the best credit score! I guess I didn’t think it through, because first of all, I did not ask my father for permission to have any credit cards, and second, I had no money to pay ANY of them off.
Anyway, a month went by, and my dad received a bill in the mail. He was a little bit happy that I took the initiative to sign up for a credit card so he did not have to give me cash every time I saw him. The second bill came in the mail. Dad freaked. By the time I got the 4th one in the mail, he was on the phone with citibank asking how on earth they would let an 18 year old have 4 of the same credit cards. The last 3 came, and all 7 were then cut up. It might have been the worst next 6 months in terms of money.
I was not allowed to have a credit card for about a year. Eventually I was able to get a debit card. Since then, life has been pretty peaceful…
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