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MARQUETTE -- Is your mailbox full of pre-approved credit cards? E.J. Kastreva with Northern Michigan Bank says don't take them lightly.

"Don't take every credit card application that you get in the mail as a new student and fill it in. You get all these credit cards; that's when you end up getting in trouble. Pick one or two," said Kastreva.

Creditors send promotional interest rates which could last for a short period of time. Look at the fine print to find out how much the rate will increase once that promotion is over.

Apply to the credit card with the lowest rate. For someone just starting out, it's normal to have a rate between 9 to17 percent.

If you are under 21, it's more difficult to get one. You will need to have a source of income or have a cosigner.

One of the most common mistakes you can make is not making your payments on time. The more payments you miss can hurt your credit. Stuart Baker, a Financial Counselor, says you will have to pay more fees, and your interest rates will increase.

"In the course of a year, 12 late fees at $35 is $425 for the year; if that's on a $1,000 balance, I mean, that's almost 40 percent from the balance just being added in late fees if you are late for a whole year," said Baker.

It's important to charge what you know you can afford to pay off at the end of the month.

If you can't make payments, contact the creditor or talk to a financial counselor who can help.