Based on the perspective of game theory，this paper theoretically constructs a dynamic game model for the decision-making of consumer credit between financial institutions and college students，and introduces the credit mechanism，thus explaining the profound reasons why the traditional financial institutions withdraw from the college student credit card market and the Internet finance enters the campus market on a large scale，and empirically tests the Reputation mechanism with the help of the consumer credit survey data of college students.The results show that the“Prisoner's Dilemma”is common in single and finite repeated games.In the infinitely repeated game，although the decrease of interest rate and transaction cost is beneficial to promote the transaction，the problem of information asymmetry makes the game can only be carried out for a limited number of times.Therefore，in order to achieve long-term cooperation，the reputation mechanism with"social punishment"must be introduced to restrain the short-term speculation of college students，but the credit mechanism plays a limited role in promoting the cooperation between traditional financial institutions and college students，and more is to promote the cooperation between Internet finance institutions and college students’consumer credit.The empirical results also verify this conclusion.The resulting revelation，make full use of the Internet big data advantage，strengthening the Internet school financial market regulation，guide students to set up the correct consumption view and responsibility consciousness，establish a more efficient credit mechanism，thus crack the dilemma of“putting out the chaos and killing one tube”，to standardize financial campus Internet consumer credit market has important practical significance.