While I was in college I acquired 3 credit cards 
with a combined maximum credit limit of 
$11,000.00.  By the time I graduated I maxed out 
the cards.  I bought whatever I wanted and even 
financed a trip to Japan.  In 2001, my car died 
and I was looking to lease one.  Man, it was such 
a pain in the ass to get approved by Toyota 
Financial Services!  My first lease application 
was flat out rejected, on a Level 3 Tier! Chase 
Bank also rejected my application for a car loan. 

All that accumulated debt caught up with me and 
it ruined my credit rating. My credit report 
showed all my balances and how many times I was 
late with payments.  I wouldn't be driving my new 
car today if it wasn't for my mother who agreed 
to co-sign the Toyota lease with me.  I'm very 
lucky to have a second chance at building my 
credit.  At the end of the lease, my credit 
should be fixed for good.

Anyhow, to all those college kids who are 
following in my footsteps, it sets back your 
life, totally not worth it.  Think about it, turn 
on the news and you will see all companies are 
consolidating and laying off people, the economy 
isn't very strong.  Getting a job after 
graduation is not going to be as easy as you 
think!