Acquiring a Credit Card?

[Arelian]

So I've been attempting to get a credit card for the past few months. Everywhere I've applied has turned me down for having a "limited credit history."

I'm a 20-year old College student that has been steadily employed since I was 16, I have at least 2k in my checking account at all times and I really only want the card to raise my credit score so that in a few years when I do have to take out loans, I'll be able to get decent rates on them.

How on earth do I go about getting a credit card? I've seriously applied to almost every credit card company over the last year and a half, waiting at least 45 days between applications. I've even tried getting a card through Barnes and Noble, Newegg, all sorts of retailers and constantly getting told I can't be given a card because I don't have any history. Well no shit jackasses, that's why I'm applying for the lowest-end cards and the student cards. The cards that are designed for people like me!

So BG, I come to you. Any advice for an employed college student to help raise my literally non-existent credit score?

[Cephius]

That's really weird, usually college students get offers for credit cards up the ass. Do your parents have a bad credit history or something?

[Fyrie]

There are credit cards where you have to deposit like $500 and that would be the limit on your card. You can't use that $500, but the card does build your credit score up like any credit card. That was my first credit card, but I forgot what it was called.

After a year, you get that money back and the card becomes a normal credit card.

[Zalius]

go through your bank first..? if your bank isn't giving you one, just switch banks with the quickness. wells fargo has a pretty good college account program, and if you don't like the bank you can just leave once youve got your credit history up

[Quixon]

Orchardbank.com

You will be stuck with an annual fee ($8/month give or take), but you will get approved.


If that doesn't work, you may have to go with a "secured" card. It basically works out to a prepaid credit card.

I'd recommend against going with an annual fee card, b/c you're going to want to cancel it down the road when you have much better cards with no fees. However, canceling old accounts isn't good for your credit either.




Go with the secured card if you can. Anything with an annual fee should be your absolute last resort.

[Byrd]

go through your bank first..? if your bank isn't giving you one, just switch banks with the quickness. wells fargo has a pretty good college account program, and if you don't like the bank you can just leave once youve got your credit history up

This is what I did. Got a $500 credit card with no fee from the same credit union I had my checking account at, bought a couple of small things, they raised the limit pretty quickly once I showed them I paid it off quickly and without issue. Once you have any reasonable amount of credit, you'll be inundated with credit card applications.

My lowest interest rate credit card is my AAA visa. If you (or your parents) are a AAA member, you might be able to see what they can offer.

[Woozie]

You should have an easy time getting a credit card. My parents had bad credit, my income was low, and I got approved for like a 2.5k limit just a few months after turning 18 just because I was a college student. I don't know why you're having a hard time. This makes no sense.

You should try your bank first, as someone else mentioned. My first card was through MBNA (around the time they got bought out by Bank of America). I also had one through Citi.

These cards had no annual fees. I don't know what the interest was because I didn't pay interest. They were both in the 12~15% range.

[Arelian]

That's really weird, usually college students get offers for credit cards up the ass. Do your parents have a bad credit history or something?

My mother has terrible credit, but my father's credit is amazing. I haven't been associated with my mother for 7-ish years now, so I would think only my Dad's credit history would count. (He got sole custody during a divorce)

I guess I'll go talk to my bank on Monday when I go file for my stolen debit card. My only concern is it's a pretty small local bank, so I might have to open an account with Wells-Fargo or something.

[Zalius]

wells started me at 1000 and worked me up to 1300, but my dad is with them/super high credit and i already have a few years of bill payment history so idk

[Woozie]

I don't know if your parents credit actually matters. If it did, I would have never been able to get a credit card.

[Kainos]

apply to Capital One, they give cards to anybody

[Woozie]

apply to Capital One, they give cards to anybody

Also useful in case you're attacked by vikings.

[Zalius]

idk either but i felt like saying it

[zoobernut]

I got credit card offers all the time in college I agree that it is weird. My one and only credit card I have ever had was through wells fargo, it started out as a student card with like $200 limit but no fees or cost or anything, good interest rate easy to get, they offered it to me without me even asking. Plus if you keep the credit card and continue to use it and pay it off to build your credit wells fargo will continue to up your limit and upgrade it to their better cards.

I had no credit at the time too.

[Soa]

They recently tightened Credit Card regulations tremendously which might explain why you can't get a card. I have great credit and used to get offers thrown at me constantly, but I recently tried to get a new card and was surprisingly denied. I also read an article that said they made it much harder for college students to get them but I don't know how true that is.

[Corrderio]

For me I had to put one of my parents down as a cosigner for mine. Even when I put the limit to 100 bucks.

[Woozie]

Good point, Soa. I forgot how different the environment is today compared to 2005 when I applied. I guess that would explain it. Back when I first started college, everyone had credit cards, and everyone constantly got offers. The banks even sent people on campus to set up booths where people would apply.

[Cephius]

My mother has terrible credit, but my father's credit is amazing. I haven't been associated with my mother for 7-ish years now, so I would think only my Dad's credit history would count. (He got sole custody during a divorce)

I guess I'll go talk to my bank on Monday when I go file for my stolen debit card. My only concern is it's a pretty small local bank, so I might have to open an account with Wells-Fargo or something.

Is your mother's name on your student loans or on anything that hasn't been repaid yet? If so that might tie her credit with yours.

Planning to buy anything any time soon? If you take out a small loan and get your dad to cosign for it, it will build your credit rating tremendously once it's all paid off.

Again it's very strange that you as a college student can't get anyone to grant you a credit card. I would even consider paying for a credit report to see if there's anything on it that shouldn't be.

[Pikarya]

They recently tightened Credit Card regulations tremendously which might explain why you can't get a card. I have great credit and used to get offers thrown at me constantly, but I recently tried to get a new card and was surprisingly denied. I also read an article that said they made it much harder for college students to get them but I don't know how true that is.

Was going to post this. Right now credit issuers are tightening the belt for teens/college students. If I ever need anything that out of reach and I don't have the money in full upfront. I usually just ask my dad to cosign/or hell even do a home equity loan and pay him monthly. (The latter is obviously more risky, but much lower interest/etc). Plus its family.

edit: btw do credit bureau's still check the credit of a first time issuers parents? I didn't even know they were allowed to do that.

[Kyreth]

My GF went through Wells Fargo, but a credit union is a good choice.

Also, small purchases on credit help. Computers, shit like that. Pay it off, pay it early, the CC companies will warm to you.

Just remember credit cards are like a venomous snake- you may think they're nice to have, but it's all too easy to end up fucked when something happens and you're looking at 30% interest out of nowhere.

I don't have one of the fuckers, debt-free feels good, man. Visa check card FTW.