It’s easy to throw down your MasterCard and forget about how much your text books cost for the semester; it’s just as simple to open a tab at Happy Hour and let the Bud Light flow.  We all eventually realize, however, that college flies by in the blink of an eye, and before you know it, you’ll be on your own.

With the economy in peril, now is an especially good time to start keeping an eye on your credit score so you don’t find yourself denied when you try to open new bank accounts, get a new apartment, condo, or house, or reward yourself for landing your dream job by buying your first brand new car.  Maintaining a good credit score doesn’t have to be harder than next Tuesday’s cumulative Calc exam, though– here are five simple steps to stay on top of your financial game.

1.  Get a credit card.

This might seem like a no-brainer, but I know a lot of people who are adamantly opposed to credit cards.  How they live without them, I don’t know. Personally, I am always prepared to whip one out in case of an emergency (like when my gas tank is below empty and I try my luck at the commuter lot at school).  Hey, if you can get by without a credit card, you win my admiration, but you can’t build credit if you never have any to begin with.  Get a credit card, and charge a couple small things each month- paying your bill in its entirety will show how well you handle your money.

2.  Put your name on the bills.

It’s a luxury to have parents who help you out in college.  However, if the ‘rents pay your cell phone bill, sign for your campus housing, or let you drive their car around for four years of higher education, you won’t have very strong credit references when it’s time to get out on your own.  Many apartment complexes want to see that you’ve been a good, rent-paying tenant in the past, for example.  If you only have your parents’ credit to go by, they might have to co-sign for you as gauranteurs, which still doesn’t necessarily prove how responsible you are when it comes to managing bills and paying off debts.  Even if you start small, like keeping a cell phone plan in your name, you’ll be off to a good start.

3.  Pay what you can..and pay on time.

Not paying your CC bill will result in a hefty fine, as will paying your rent or other bills by the due date.  If you find yourself struggling at the end of the month, prioritize your debts.  Pay the car payment in its entirety, and send American Express the $20 minimum payment.  Don’t squeak by with small payments every month, though – as far as credit cards go, your score is measured in a ratio of debt vs. available funds.  Paying the min will result in a finance charge, which could make your balance stagnant (providing you aren’t spending more each month).  So if your credit card limit is $5,000, and your balance has been a steady $4,500 for the past few months, your score will take a hit.

4.  Keep old accounts open.

Remember the time you signed up for a card because you wanted a free T-shirt, and then realized you didn’t need a third credit card? Keeping that account open will actually look good on your credit report.  If you don’t have to pay a fee to keep it, it won’t hurt anyway.  However, if you continually max out your cards, transfer your funds to a new card, and close the first account, your spending will look sporadic and unorganized.  Really, you can avoid this altogether by finding one or two really good credit card deals that you can use for years, but if you’ve paid off your debts on one card and really want the Delta Skymiles Platinum so you can earn enough rewards to fly to Hawaii this summer, there’s no reason to reach for the scissors just yet.

5. Keep an eye on your credit score.

This way, there won’t be any surprises.  If you see your score start to slip, you’ll be aware and can re-anaylze your spending and try to get those numbers back into good standing.  You’ll also be able to monitor your activity and prevent fraud, identity theft, or unwarranted charges.  Check out FreeCreditReport.com or speak to a financial expert to figure out where you stand right now.

Getting into these simple habits won’t just help you establish a good credit report while you’re still young, but you’ll start to develop healthier spending habits to keep your credit shining as you begin your real adult life of mortgages, car payments, and starting a family. Really, these things should come naturally, but are overlooked by millions of people, young and old, across the country.

And hey, it’s quicker than checking a Facebook minifeed, so what are you waiting for? Fill out your first credit card application, check your payment due dates, and try to get an idea of where you stand in the realm of debt and credit.

The challenge this week was to design an outfit for Diane Von Furstenberg’s fall collection. HOLY SH*T! OMFG. WTF?! ROFL!! (Sorry…that last one doesn’t fit, but I just got carried away.)

DVF is a fashion icon. She’s huge! I would sell my first born child to wear one of her dresses. And everyone was super excited to get to work with her, especially Kenley who has never designed for someone that big before. Except, of course, K-Mart and Wal-Mart. In fact, she was so excited she cried. Three times.

Too bad that enthusiasm didn’t translate into her boring dress that I could totally make (and I’ve never even touched a sewing machine). Oh, and Kenley, let’s not tell Ms. Diane Von Furstenberg what is missing from her collection, K? Don’t forget: you have K-Mart on your resume. The end.

Joe, on the other hand, clearly had no idea who DVF was and must have confused her with some sort of dance recital costume designer, cuz he sent some uuuugly shiz down that runway. Joe, I know that I should support you considering you are from Detroit (word), but you suck. You don’t understand women and there is something to be said for the fact that the only challenge you won included drag queens. I can’t wait for the day when there is no one a smidge suckier than Joe so he can finally go home.

Stella attempted to use the DVF aesthetic in her design, which, of course, failed miserably. Having Stella design business attire is like having me turn down a free cocktail. It’s just not right. And the judges agreed.

Stella is sent home (to Ratbones), most likely on some sort of motorcycle. Leanne-imal wins yet another one with a beautiful gown that I would totally get an Amex for. This boring/seemingly always stoned designer (who I totally confused with the other boring librarian chick for the first 3 weeks) is totally the sleeper in this cast; she is quiet, weird and a total snooze-fest, but she always comes from nowhere and totally shows the rest of the designers who’s boss.

You go girl. Rarrr.

College cards are often a necessity (ranking right up there with tequila shots and coffee) during your four years, unless you have a big fat trust fund or a wealthy eccentric uncle. A multitude of costly expenses fall outside your tuition bill. Some are necessary, like food, books and transportation, while others are luxuries, like clothes, alcohol, trips and concerts. Here are some tips to avoid the debt trap that so many students fall into.

Compare offers

Be as choosy with what you put in your wallet as you are about which boys you let sleep in your bed (Editor’s Note: When alcohol isn’t involved). There are tons of credit card offers out there – don’t just take the first one you stumble upon.

Do your research: check out the finance charge, annual fee, cash advance fees and late payment fees. The finance charge can be as high as 25 percent on the unpaid part of your bill, and the annual fee can suck up a hundred bucks each year. For cash advances, most cards charge a scary amount and high interest. Read the fine print, and look at what a late payment can do to your rate (hint: just one late payment increases your interest rate). Try sites like credit.com or bankrate.com) to compare cards and score the best deal.

Screw the free-t-shirt

Forget the free-t-shirt/ water bottle/ random-crappy-thing-that-you’ll-never-use-again. Don’t apply just to score free gear. With every application, an inquiry is made into your credit history. This can pull down your credit quicker than a drunken frat guy drops his pants (or yours). Push through the crowd of over-eager credit card pushers – its okay to say no.

Timeliness is next to Godliness

The due date for payment is not a ‘suggestion’. Be religious about your payments and mark them in your planner, iCal, e-mail calendar or PDA. Use programs like Mint.com to keep all your spending and bills in one easy to access dashboard. Mint sends helpful reminders when bills are due and keeps track of your balances. Set up online payment for easy access, and do your best to make timely payments.

Do the math

If you’re spending $600 a month, and your income is damn near zero, you’re heading for debt disaster. Work out a budget and determine how much you can really afford to spend each month. Evaluate where your yet-to-be-earned dollars are actually going – is it beer, books or boots? Try and separate your needs from your wants: eating is a need, new going-out pants is not. Even cutting out one bar visit a month – I know, how very tragic – will bring down your bottom line. As boring as budgeting may be, it will help you understand where your money is going and where you need to cut back.

Look at the alternatives

If you’re spending like a wild woman, but not pulling in any actual income, its time to consider the alternatives. At the risk of sounding like your fiscally focused father, it might be time to get a job. If you’re not currently working, consider slinging plates of food at the local diner to fund your living expenses. (Please avoid the pole.) While you might have to defer to the plastic occasionally, a paycheck can take a big bite out of your monthly bill.

Be future-focused

Sure, skipping payments for a few months might not seem like a big deal now, but it will bite you in your metaphorical ass later. When you get out of school, virtually every potential employer will be eyeing your credit report right along with your resume. A shady credit history will turn off employers and prevent you from getting that dream job. Just like you want to woo that fine-looking boy with a swimmer’s build in your economics class, you should want to woo future employers as well. (And the benefits will last much longer than a hook-up with swimmer boy). To boot, applying for an apartment or financing a car will be hindered by your crappy credit – and who wants to live in a cardboard box under the freeway? These negative marks will stay on your credit report for a whopping seven years. So, you’ll be missing out on great opportunities long after you’ve worn out the soles on those Visa-funded gladiator sandals.

Two-thirds of college students have at least one credit card, and 55 percent of students received their first card during their freshman year of college, according the Institute for Higher Education. Of those college students with credit cards, 20 percent have four or more. While carrying a card can seem inevitable to get by during your four years, making irresponsible decisions and building hefty debt isn’t. Be smart and don’t make decisions you’ll regret later.

Bad credit stays with you a lot longer than a jagermeister hangover. And feels a whole lot worse.

With dozens of submitted suggestions in our “9 Things Your Parents Would Get Pissed About If You Spent $500 On” giveaway, we have chosen the top 3–and now you must vote for the best. The winner will receive a $500 American Express gift-card courtesy of TuitionBids.com.

Voting ends on Friday at noon, so check out the top three after the jump and let us know which is best.

Rock of Love Audition “Necessities”

Moonbeam says : April 24, 2008 at 1:20 pm

My parents would flip if I spent $500 on “necessities” in order to audition for Rock of Love 3 (ex. collagen, an air brushed “hottie” cropped shirt, skin tight pants, hooker boots, platinum blond weave).

Custom Grillz

jica says : April 24, 2008 at 4:22 pm

One custom made gold grill (from Mr.GoldTeeth.com haha) to show the world that I am, in fact, a true baller.

Stripper Pole…. (Only for practice)

Lily says : May 1, 2008 at 8:22 pm

A stripper pole. Plus installation.

A girl’s gotta practice.

Who Deserves a $500 AMEX Giftcard Courtsey of Tuitionbids.com?

If College Candy was to give you a $500 American Express Gift Card what would you buy?

Your parents might suggest that you put the money towards your education (tuition, books, food) or savings, but this is your money to blow on whatever you want!

You want to go to Paris for a night? Go to Paris! Thinking about getting a lower back tattoo? Go for it!

Below are 9 Things Your Parents Would Get Pissed About If You Spent $500 On. College Candy wants to know what should be #1 on the list. Leave your suggestion in the comment section below. The person that submits the best idea will receive a $500 AMEX gift card courtesy on TuitionBids.com – all submissions must be received by Friday, May 2nd at 12PM.

TuitionBids.com provides a one-stop resource for parents, current and future students to learn about the college entry process and most importantly to apply for student loans. The unique TuitionBids.com process allows users to quickly apply for a student loan, and allows up to six lenders to compete for business. TutitionBids.com is not only a destination for student loans, but a place for consumer education. The site also provides users with information on schools from around the country – including programs, majors, size and attendance and associated costs as well as a gap analysis that helps a student/parent determine what their private loan needs will be after they receive federal loans.

10. Teeth Whitening

All that coffee/occasional cigarette (only when you’re drinking, obvi) are taking their toll.

09. Get an iPhone before your plan is up.

08. Half a pair of Prada shoes

07. One Night in Paris

No not the sex tape, a plane ticket and hotel!

06. Hannah Montana tickets

05. The works

mani, pedi, massage, facial, peel – at the finest spa. Because you deserve it.

04. Hot new Botkier Handbag

03. $500 worth of singles for Chippendales

02. Plant some trees. 500, to be exact.

01. (Submit your ideas in the comment section to win a $500 American Express gift card courtsey of TuitionBids.com)

Top 3 ideas will be opened up for public voting on Monday, May 5th.

As if we all needed yet another reason why Beyonce is obnoxious, watch one minute and two seconds worth of self-indulgent crap.

The ad wizards for American Express could have easily gone with a cute and fun idea like they did with Ellen’s version, but their new commercial featuring the ex Destiny’s Child star is gag worthy.

Now, let’s all throw one big, giant pity party for our girl B, cause, you know…flying to Madrid on a private jet to do a dance rehearsal, breaking a pump, wearing a designer gown that costs a bajillion dollars, these are all really unfortunate things that we can all relate to.

Good thing you have that laptop and tons of money in your American Express account, or else you wouldn’t have been able to buy a boomerang! Phew!

Now, bite me.