How do college students build credit history as rules change?

Posted by Nicholas Vanikiotis

By Sandra Block, USA TODAY

Some aspects of college life never change. Late-night study sessions. Uninspired cafeteria food. No place to park, ever.

But next year, a familiar site on many campuses will disappear: the tables strategically placed in high-traffic areas, offering free iPods, T-shirts and other goodies to students who sign up for a credit card.

Legislation signed into law in May will prohibit credit card companies from offering gifts to college students who agree to fill out a credit card application. The legislation also prohibits lenders from issuing credit cards to individuals younger than 21 unless they can prove they can afford payments or get a parent or other older individual to co-sign.

Consumer advocates say these reforms are long overdue. However, the provisions don't take effect until February. In the meantime, credit card companies can continue to market their cards, and some advocates worry that this year's campaigns will be more aggressive than ever.

Source: http://www.usatoday.com/money/perfi/columnist/block/2009-09-07-credit-cards-college-students_N.htm