SAM SPENDTHRIFT is a college junior. He couldn’t wait until he turned 21, so he could apply for a few credit cards. Sam currently has 3 credit cards and got his first credit card 8 months ago. He doesn’t have any student loans. He has applied for 5 credit cards in the last year and opened his last credit car 4 months ago. All of his 3 credit cards currently have a balance, as he has a hard time paying his cards in full every month. He currently has $4,000 outstanding on all of his credit cards combined. He missed one payment in the last three months when he forgot to notify the card company that he recently moved out of his apartment. He was 30 days behind on the payment. He has no credit cards currently past due. His credit card balances of $4,000 are about 65% of his overall limits. He has never gone through a bankruptcy or other proceeding.