Credit Cards for Students

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I'm a freshman in college, and I've decided it's time to start building some credit. The problem is, I've already been denied for 2 credit cards. (A Visa card and some Best Buy card.) So I obviously need some kind of student card, with no credit check and a low spending limit. Have any other CAGs had any good experiences with a particular card? (Hopefully some student CAGs besides me.) I've Googled this, but all you get are crappy advertising sites. I'd like to go with a good bank that isn't going to screw me over. (I know, oxymoron. Maybe the lesser of the evils?)

So if somebody could recommend me a good card, from experience, that would be great. Thanks in advance. :)
 
Hey man what's going on?

I am currently a senior in college and have went through your experience. Do you have a checking/saving's account with a bank? I personally use people's bank but I know that it is a regional bank. Since I had been sporting a debit card for sometime before college I believe that may have helped me when I applied for my first card several years ago.

The card I use is the Citi MTVU card which is advertised for the college student. The rates aren't bad but it shouldn't matter as long as you spend wisely and pay off your balance by the payment date.

Here is a link to applying for the Citi MTVU card

http://creditcards.citicards.com/us...9&ProspectID=1349D54BECD14605BD08855D344B7816

They have a nice points system in which you can exchange for various things through the thank you network. Also they give you points for paying on time, you can submit your report card for additional points, etc... As of now there are no annual fees, however with the way the economy is and the overhaul of how credit is working they are making changes.
 
Yea, the bankcard/credit card is the way to go at first. Shows some sort of financial record at least. I know when I used to sign people up for Macys cards when I worked there, some wouldnt have anything but that, but it would work for them a lot of times. Not sure the exact details of it, but its probably your best bet. My only advice to you is to be really careful. This could be the start of good OR bad credit. Depends on how wise you are and being a freshman in college, dont tell anyone you have it, too many moochers out there. Try to spend as little as possible and pay in full just to get some credit record.
 
I'm also a freshman in college and I have a Wells Fargo Debit Card and a Credit Card from them. My credit line is 1300 but I started with 800 last year. I've been using Wells Fargo all my life and it's a good bank.
 
Well, I almost signed up for the Wells Fargo card, but there's no banks within 50 miles of me. I figured that wouldn't be a very good idea. However, there is a Chase bank on campus. I'm not too fond of it, but it's the same bank my dad uses for his credit card. Anybody have experience with Chase? It's a fairly high interest rate, but they mostly are, and I don't plan on paying much interest anyway.

And I've been looking to get a credit card for a while. Some guys at work talked me out of it a year ago, and now I regret it. I'm very good with money and want to build some credit, ergo, I need a credit card.
 
Well, contrary to popular belief, you DO need credit for things like buying houses. And since a credit card is a good way to build credit, I think I'll get one. It's not a chain around my neck. If anything, it'll make my life easier. I pay for everything now with debit, if I get a credit card, the only difference will be that I'll earn some type of goofy reward.
 
You're a student and you're getting denied credit? What?

Credit companies love students, that's when they prey on the poor.

Do you have a student loan? If you do, that's already enough credit.
 
I have been using Discover for a few years now and its been fine. I pay it off instantly or use it to save my butt then pay it off with student loans. They have raised my limit pretty steadily. Low interest. The only problem is not everywhere takes them. That does get annoying but a majority do.

Good luck
 
I really enjoyed the part where the kid in college started to school us all on the importance of getting credit cards young.

Good topic. Would read again A++++++.
 
[quote name='Access_Denied']Well, contrary to popular belief, you DO need credit for things like buying houses. And since a credit card is a good way to build credit, I think I'll get one. It's not a chain around my neck. If anything, it'll make my life easier. I pay for everything now with debit, if I get a credit card, the only difference will be that I'll earn some type of goofy reward.[/QUOTE]


Exactly. I have two credit cards:

  1. One I've had since I was sixteen, and I used it almost exclusively for buying gas for my car. I paid it off every month and that built up my credit pretty well. Nowadays, I don't use this card for anything except maybe some online purchases, since I intentionally set the credit limit really low.
  2. My second card is a Visa Platinum Rewards card, the best card that my local credit union offers. I just recently got this card and I use it for everything now. I pay it off every month when I get my paycheck. It's so nice, because I don't have to think about my checking account balance (I'm one of those people who likes to shuffle money between savings, checking, etc. a lot) or how much cash I have in my pocket.
Most credit unions offer an introductory or student card for people with no credit or really shitty credit. If you can get one of your parents or someone to co-sign on your card, you should be able to get a good card with a decent limit. Either way, get one of those, use it responsibly, and you'll have some decent credit in no time.
 
Do it through your bank, if you must, as others have said. I have one through my bank and pay it online through the online banking, it's linked to my checking account. If you get one keep the limit low, though. Mine's at $500 and when I go there they ask if I'm interested in applying for a higher credit limit, to which I say NO! It's for groceries, gas, and establishing credit.

Don't buy more than you can afford, though. I work full time on a salary so $500 is a very small limit relative to what I earn. It's way too easy to get comfortable with putting things on your card, my girlfriend got a credit card at age 18 with a $3000 limit, back when companies were just giving out whatever to whoever about 4 years ago, and now she's up to her ass in debt.
 
Do it through your bank, if you must, as others have said. I have one through my bank and pay it online through the online banking, it's linked to my checking account. If you get one keep the limit low, though. Mine's at $500 and when I go there they ask if I'm interested in applying for a higher credit limit, to which I say NO! It's for groceries, gas, and establishing credit.

Don't buy more than you can afford, though. I work full time on a salary so $500 is a very small limit relative to what I earn. It's way too easy to get comfortable with putting things on your card, my girlfriend got a credit card at age 18 with a $3000 limit, back when companies were just giving out whatever to whoever about 4 years ago, and now she's up to her ass in debt.
 
[quote name='Access_Denied']Well, contrary to popular belief, you DO need credit for things like buying houses. And since a credit card is a good way to build credit, I think I'll get one. It's not a chain around my neck. If anything, it'll make my life easier. I pay for everything now with debit, if I get a credit card, the only difference will be that I'll earn some type of goofy reward.[/QUOTE]

Contrary to popular belief, you need a job that can pay a mortgage and have held said job for a long enough time to show a consistent job history and enough savings that can cover closing costs and 3-20% of the purchase price of a house for things like buying a house.

If you're paying for everything with a debit card now, swiping a different piece of plastic will not make your life easier.

If you're looking for a goofy reward, check what deals your local banks are offering. For example, Chase has "Chase picks up the tab".
https://www.chase.com/ccp/index.jsp?pg_name=ccpmapp/shared/marketing/page/pick_up_tab_register

... but I won't threadcrap. You've been warned. You want to play with fire and gunpowder. I wish you the best of luck with finding a credit card you'll be happy with.
 
kainzero - No student loans. I was denied. It's all paid for in cash.

JimmieMac - Do you have a better suggestion to build credit, rather than just telling me I'm wrong?

johnnypark - I can't do it through my bank. I go to a small local bank, and I don't believe they offer credit cards.

fatherofcaitlyn - Yes, you do need a job, but good credit helps with the interest rate. If you've got 2 guys with the same job, who were hired at the same time and make the same amount, only one has great credit and one has no credit, who do you think will get a better interest rate? And BTW, I make $17 an hour and was still denied for a credit card because of no credit. My job must not mean everything. If a $17 an hour job isn't enough proof that I can pay back a card with a $300 limit, I don't know what is.

I know you people think that teenagers aren't capable of handling money, but we're not all idiots. I've been paying the few bills that I do have on time for the past 2 years. I think I'll be able to handle paying off my $40 credit card bill each month. My card will have at most a $500 limit. Let's say for example that I fuck up and max it out. (Don't know how I would.) Worse comes to worse, I sell my video games, pay off the card, and learn my damn lesson.

And I'm hoping that by building some credit, maybe someone will give me some kind of loan one day. Because I've been denied for credit cards and student loans. It would be nice to be able to do things without somebody else's help one day.

EDIT: Guess you guys win. I just got denied for the Discover Student Card. No credit card for me.
 
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You parent(s) signing is almost the only way you'll get a credit card right now unless you make a decent living. I make between $500 and $700 a month and my credit union recommended that my mom sign on with me to help me get it.
 
[quote name='slickkill77']You parent(s) signing is almost the only way you'll get a credit card right now unless you make a decent living. I make between $500 and $700 a month and my credit union recommended that my mom sign on with me to help me get it.[/QUOTE]

I think that's why I'm going to have to do. Hopefully my dad will do it. I forgot that he canceled his only credit card back in March, because he likes credit cards. Guess I'll talk to him over Thanksgiving.
 
Credit cards are good if you pay off the balance every month. The problem is you are in college and its not likely you will have much of an income.

Also the news is rife with stories about how the credit card companies are jacking up rates to long time credit card users (despite the fact they are in good standing). Chances are you are going to get fucked if you are student because you have a lot of social pressure to spend money.
 
[quote name='Access_Denied']fatherofcaitlyn - Yes, you do need a job, but good credit helps with the interest rate. If you've got 2 guys with the same job, who were hired at the same time and make the same amount, only one has great credit and one has no credit, who do you think will get a better interest rate? And BTW, I make $17 an hour and was still denied for a credit card because of no credit. My job must not mean everything. If a $17 an hour job isn't enough proof that I can pay back a card with a $300 limit, I don't know what is.[/quote]

If you're making $17 a hour, working 40 hours a week, have held that job for 2 years, have no debts and are being denied even simple credit, you really need to look at your credit report. Somebody might have jacked your credit up.

[quote name='Access_Denied'] EDIT: Guess you guys win. I just got denied for the Discover Student Card. No credit card for me.[/QUOTE]

When you get older, you may realize you are the winner because of this.
 
Hell citi approved my mtvU card earlier this year and even increase the credit limit. I use it to buy my text books and then get the visa gift cards with the points. I'm expecting a cancelation notice considering they haven't made a cent off me.
 
I got my amazon card back in 06 when I was a junior in college. They have a student version. I had credit from student loans though (which were co-signed by my parents of course).
 
[quote name='fatherofcaitlyn']If you're making $17 a hour, working 40 hours a week, have held that job for 2 years, have no debts and are being denied even simple credit, you really need to look at your credit report. Somebody might have jacked your credit up. [/QUOTE]

I used some free credit report website, and it said that there wasn't enough information in my credit profile to give me a credit score. Since I've never had any loans or credit cards, I assume that means that I have no credit. I did have suspicions that someone may have jacked my credit up, but that credit report told me there's nothing there, so I assume I'm the only one using my credit. :/
 
might be worth trying to apply for an Amazon business credit card. Not sure exactly how that gets verified, but i do know it doesn't show up on my personal credit report as existing (even though setup with my SSN#/Sole Proprietor)
 
[quote name='Access_Denied']I used some free credit report website, and it said that there wasn't enough information in my credit profile to give me a credit score. Since I've never had any loans or credit cards, I assume that means that I have no credit. I did have suspicions that someone may have jacked my credit up, but that credit report told me there's nothing there, so I assume I'm the only one using my credit. :/[/QUOTE]

Apply for a personal loan.

Demand a copy of your credit report if you get rejected.

Pay off the loan quickly if you get approved.
 
[quote name='fatherofcaitlyn']Apply for a personal loan.

Demand a copy of your credit report if you get rejected.

Pay off the loan quickly if you get approved.[/QUOTE]

I had a guy at work recommend that too. I think I'll try that. Thanks. :)

And I was wondering, do you still gain credit if you pay a loan off early? Some people have told me that you're supposed to pay a loan off in the time that was originally planned and pay the interest that goes with it.
 
[quote name='Access_Denied']I had a guy at work recommend that too. I think I'll try that. Thanks. :)

And I was wondering, do you still gain credit if you pay a loan off early? Some people have told me that you're supposed to pay a loan off in the time that was originally planned and pay the interest that goes with it.[/QUOTE]

http://financialplan.about.com/od/creditdebtmanagement/a/nocredit.htm

If they pulled your credit report, they would see you had a debt and paid it off. The longer you took to pay it off, the longer of a pattern the people scoring your credit will see. That plays some role. Of course, just paying the debt off cause a positive remark on your credit report.

I have to stress that you have three years before you "need" credit. As soon as possible, you should try applying for an apartment near campus. Your landlord/landlady will understand you don't have a credit history because none of their residents have credit. Make sure he or she knows that before they run a credit report. If you can cough up a security deposit and a month or two of rent, you now have something generating positive remarks on your credit report.
 
[quote name='fatherofcaitlyn']http://financialplan.about.com/od/creditdebtmanagement/a/nocredit.htm

If they pulled your credit report, they would see you had a debt and paid it off. The longer you took to pay it off, the longer of a pattern the people scoring your credit will see. That plays some role. Of course, just paying the debt off cause a positive remark on your credit report.

I have to stress that you have three years before you "need" credit. As soon as possible, you should try applying for an apartment near campus. Your landlord/landlady will understand you don't have a credit history because none of their residents have credit. Make sure he or she knows that before they run a credit report. If you can cough up a security deposit and a month or two of rent, you now have something generating positive remarks on your credit report.[/QUOTE]

I actually planned on getting apartment next year, if I stay here. I might be transferring next semester, so I have to wait until next semester to put a security deposit on any apartments.
 
If you are a student take the opportunity to get a card with one of the harder to obtain companies. Notably, AMEX. AMEX generally has higher requirements to get thier cards unless you are a student, so I started with a Blue for Students (Blue, BTW, is one of the better credit cards available)

Later down the line it's not really that hard to get various Visa / MC, or Bank of America / Citi stuff.
 
Hey buddy. Don't know why you're having such a hard time getting credit cards. I was approved for every card I applied for and this was all in my freshman year of college just a couple years ago.

Your best bet will be getting a credit card through your bank. Just ask for a student card and they'll understand that you're just a college student and you'll be approved for a card though the balance may not be very high--I'm gonna guess around the $500 range.

If that does not work, try applying for a PayPal or Amazon card. Not sure about you dude, but I purchased everything from Amazon since I got to college. Best prices for pretty much everything 'sides from food and booze. The two above cards you might have a good chance of getting.

Looks like you tried applying for some good student cards and got denied for.. so that sucks, but as a last resort, try applying for a credit card that has a really high interest rate and that are geared towards those with "bad" credit. Many people always talk about getting the lowest interest rate possible (0% for a year, etc) but seriously, if you pay off your balance every month before the end of your grace period.. you're good to go. This "starter" card will help you build some initial credit and give you some rep to go with a high end rewards card by the time you're finished with your first year.

You're not going to find a card that gives you cash back or points right off the bat, unless you're really lucky or have a co-signer. Just opt for the shitty card now to work your way up. Honestly, I just liked having my credit card around for the convenience and it's much safer than utilizing a debit card since you don't have to type in your PIN all willy nilly. I don't think you'd want your dad to co-sign or he's going to see that you're spending your cash at stupid places like strip clubs and bars with your fake ID (go get one ;)).

People are saying that you don't need a credit card now, but they are wrong. You're pretty much going to be breast fed through college and a bit after if you don't have any form of credit by the time you graduate. You're going to need them to co-sign shit like an apartment or car.. don't you think that'd be kind of lame when you're 22?

I personally have better credit than my dad right now (score is hovering around 770, took a plummet because I have a $1000 balance right now on my credit cards) which is pretty good for a kid still in college. I've financed my own car with the best possible interest rate right now and even helped my dad take out a loan with his new truck just a month back. I'm no longer forced to put deposits down for utility bills and I've been signing leases for houses and apartments on my own (well, with some roommates too) since after my first year. Seriously, if you don't build credit now, you're going to feel a little restricted fresh out of college.

But yeah, ask your banks, try applying for places you shop at a lot (Amazon, BestBuy, whatever), and last resort, try to get a "bad" credit card. If you want your parents to hold your hand, ask them to co-sign for a card, but due note that they may be getting a copy of your transactions monthly ;).

Edit: I personally think the Chase Freedom card is the best widely available credit card right now. It's a MasterCard so it's accepted everywhere unlike the Amex Blue cards and Discover CB. Once you build enough credit, try for a Schwab card. 2% cash back deposited into your account every month. My Chase Freedom and Schwab are my "main" cards. I use Amex Blue Air for Costco and Costco gas. I use my Discover for when they have their 5% bonuses. I have two other cards which were my "starter" cards that I charge a buck or two on every month. It's good to keep them around just to have the line of credit open and getting rid of them can potentially decrease your credit score.

Edit2: Also, don't max out your cards.. as it scares the credit card companies. I went from charging only a few hundred on my Amex and one month, I paid my summer tuition with it ($3300). They freaked out and decreased my limit from $5k to $4.3k and told me because it was because of my erratic spending. Didn't really bother me, but your score will take a hit by a couple points. I think the sweet spot for credit cards is to not spend past 30-40% of your given limit. Anyway, I'll stop posting shit because all I see now is a WALL-o-TEXT.
 
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i cant get a CC either. My own bank denied me and also my union. I heard if you try too often to apply for a CC it can show up in the report and have a negative impact. I might try a co signer or pay for one of those CC where you pay them like 100 a year or maybe a macys card. I just need one to get started. shit..
 
[quote name='slickkill77']Don't get a store credit card[/QUOTE]

Does PayPal, Sony, Amazon, count as store cards? I'm in the market for a Credit Card too
 
I wish I got a CC for college, but parents wouldn't let me go that route. I could still use my own CC right now (currently sharing one), but I'm out of college.
 
[quote name='The Mana Knight']I wish I got a CC for college, but parents wouldn't let me go that route. I could still use my own CC right now (currently sharing one), but I'm out of college.[/QUOTE]

I'm in College right now, who are your parents to tell you what to do? I'm 18, I'm an adult, I do whatever I want because I pay for everything. Are your parents paying for your tuition?
 
[quote name='Xevious']Credit cards are good if you pay off the balance every month.[/QUOTE]

yeah!
i got $350 in amazon gift cards cause i'm cool like that!
 
[quote name='SpazX']I got my amazon card back in 06 when I was a junior in college. They have a student version. I had credit from student loans though (which were co-signed by my parents of course).[/QUOTE]
do you have a link?I tried looking for it and I couldn't find it.
 
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