- I'm Roman Collins.
I was born in Louisiana, but I grew up in LA.
And I am a worship leader, I'm a vocal contractor,
I'm a musician, I'm a full time student.
My music is very inspirational whether it's me doing gospel,
whether it's me doing jazz, or something fun,
or, whether it's RNB.
I'm a firm believer of, if it doesn't have a message,
what's the point of giving it to someone?
My faith is who I am.
The thing that scares me about credit cards
is the stress that comes along with it.
I have thought about getting a credit card, but, um,
I wasn't aware of the benefits of it.
I didn't see it as a necessity at that moment,
you know, but as I'm approaching 21.
I do need to, own up to it.
So I just want to learn the do's and the don'ts,
of a credit card.
So I won't reinvent the wheel of suffering of misery,
of barely getting by. I don't want to barely get by.
I want to be successful,
but I'm scared because where do I start?
What advice do you have for a 20 year old,
who wants to start building their credit?
- Hey Roman, I'm Jean Chatzky.
I'm a financial expert and the CEO of her money.com
and, I got into credit card trouble early in my life.
So, I know what it's like to be wary of credit cards.
Here's the thing, building good credit,
and having good credit is important for adult life.
Because it's very hard to make big purchases,
like,
cars or
homes,
without having good credit.
I would encourage you,
particularly as you come out of college
to apply for a credit card,
you can apply for a student credit card,
which is basically a starter credit card or,
a secured credit card,
which is a credit card that you get
by making a small deposit, with the bank
that issues you the credit card.
But then the more important thing,
is that you use
that,
card,
wisely.
If you want to put training wheels on yourself
and make sure that you don't get in over your head,
you want to keep your credit limit, small.
You can say I'm fine with a $500 credit limit.
I'm fine with a thousand dollar credit limit.
I don't need more credit right now.
And that's a perfectly okay thing to do.
You can also decide that you're only going
to use that card, selectively.
One of the easiest and best ways
to build a pristine credit record,
is to just pick one bill.
That's the same every single month.
So your credit card gets used.
You pay it on time, You're never late,
and you never get in over your head.
I know,
you are looking toward a future
where you're not struggling.
Where you're able to be successful,
and to feel like you've got a handle
on your personal finances.
Keep in mind, a credit card is just a tool,
that if used responsibly can help you do all
of those things.