Fifty-eight percent of college students pay off their credit card balances on time, the other 42 percent learned of ways to keep a good credit history Wednesday.

Eastern was host to a presentation on the responsibilities of credit and financing Wednesday evening.

“Planning for Financial Success,” was presented by MBNA credit card representatives Ivor Kiwi and Matt Ginley, through joint sponsoring by the Alumni Association, MBNA of America and the Counseling Center.

Kiwi focused on the managing of credit and planning for the future by demonstrating the importance of investing.

Keeping a good credit rating is essential for consideration in receiving loans, applying for a mortgage, and even in receiving lower rental rates if checked by a landlord.

Kiwi offered tips for keeping good credit, such as paying balances on time, staying within credit limits, notifying creditors of address changes in the event of a move and attaining and reviewing a copy of a credit report annually.

Credit reports are available through various credit bureau Web sites. The reports contain a listing of all credit cards owned, length of ownership of credit cards, current balances due, complete line of credit, any loans that have been taken and a listing of any inquires made on your credit.

The easiest way in which creditors judge credit worthiness is by the FICO number.

The FICO number is found by using a formula devised by the Fair Issacs Company. The formula takes into account all credit and loan history and calculates a number which is then posted on all credit reports. Many creditors and financial companies will look only at theFICO number when considering an applicant.

Creditors look for ability and stability to pay a loan when considering an applicant.

Kiwi said that of the general population, 33 percent pay off their credit card balance on time whereas 58 percent of college students pay on time.

“College students are responsible with money,” said Kiwi.

Warning signs that someone might be falling into credit trouble include: borrowing from one credit card to pay another, not being able to make minimum payments, making payments late, and “maxing out” or exceeding credit limits.

In order to get out of credit debt, Kiwi suggested developing a monthly budget in which you subtract necessities from income and cutting back on unnecessary expenses.

It’s a good idea to pay more than the minimum amount due on a credit card, Kiwi said.

“Paying the minimum amount due on a $1,000 credit card bill would take approximately nine years to pay off,” said Kiwi.

Bad credit from mistakes such as delinquency, tax liens, or bankruptcy can last from seven to 10 years on a credit report. Risk-based pricing, or higher interest rates on loans, can also be obtained from bad debt.

Kiwi stressed investing as the most important part of planning for the future.

“Start investing as early as you can,” said Kiwi. “If (students) can suck it up and invest money now it will pay off in the long run.”

Kiwi suggest getting invested money to work for you.

Kiwi gave the example of investing $100 a month at the age of 25. On the average 12 percent interest rate, invested funds should be worth approximately $1.1 million by age 65.

“It’s best to start investing as early as possible,” Kiwi said.