Credit Card for Students

ineedcreditbad · ‎01-19-2015

Hello Everyone,

Need some advise here.

Have two kids in college and I have been trying to get them their own credit cards for a while but for some reason they keep getting denied.

Applied for the Journey student card from Cap One they were denied, applied for a secured credit card from Cap One denied again and applied with Discover student card denied as well.

Currently I have them as authoirzed user on my Amex and Cap One. The limit on Amex is 9500 with a balance of 5000 and Cap has 3500 with a balance of 1000.

They work part-time so income is around 4-5K per year as they are full time students, so not sure why they are getting denied.

Any advise or next steps will be appreciated.

Thanks

Raj

boosnark · ‎01-19-2015

It may be hard to comment unless you can tell us the reasons for the denial, so that a workaround can be found. Did they have a thin credit file?

Gardening until November 1, 2023

ineedcreditbad · ‎01-19-2015

It is a very thin file i am pretty sure.

Cap One said they will send the reason in the mail so should have something in a week.

boosnark · ‎01-19-2015

Sometimes applying in person where they do their banking helps. Sounds like a case of confirming identity as well, but I may be wrong.

Gardening until November 1, 2023

ineedcreditbad · ‎01-19-2015

I was thinking of the samething of maybe taking them to the credit union where they bank.

Anonymous · ‎01-19-2015

@ineedcreditbad,

Sorry to hear that. I may be wrong but the income of 4-5k a year may be the reason. There is another thread on here where someone with a solid score and an income of 12k kept getting declined because of income. I know you are trying to get the kids a secured card but that may be it.

Anonymous · ‎01-19-2015

@Anonymous wrote:
@ineedcreditbad,

Sorry to hear that. I may be wrong but the income of 4-5k a year may be the reason. There is another thread on here where someone with a solid score and an income of 12k kept getting declined because of income. I know you are trying to get the kids a secured card but that may be it.

I agree, but even with only $5k income I feel like they should at least have been approved for the secured card?

BluePoodle · ‎01-19-2015

@ineedcreditbad wrote:
Hello Everyone,

Need some advise here.

Have two kids in college and I have been trying to get them their own credit cards for a while but for some reason they keep getting denied.

Applied for the Journey student card from Cap One they were denied, applied for a secured credit card from Cap One denied again and applied with Discover student card denied as well.

Currently I have them as authoirzed user on my Amex and Cap One. The limit on Amex is 9500 with a balance of 5000 and Cap has 3500 with a balance of 1000.

They work part-time so income is around 4-5K per year as they are full time students, so not sure why they are getting denied.

Any advise or next steps will be appreciated.

Thanks

Raj

Do they even have a credit score generated yet? You mention you have them as AU on a couple of your cards, how long have they been AU's? It takes 6 months or a little longer to generate a score first. Also, do they have any student loans in their name? If they receive scholarships, I believe that is also able to be counted as income.

My DD was an AU on a few of my CC's for about 6 months before she applied. But she had 2 years of history from her student loans so she already had a score. She has an annual income of about $12K that is not counting her scholarships. We didn't add those but I have read from other posters thas we could have.

Anonymous · ‎01-19-2015

@Anonymous wrote:
@Anonymous wrote:
@ineedcreditbad,

Sorry to hear that. I may be wrong but the income of 4-5k a year may be the reason. There is another thread on here where someone with a solid score and an income of 12k kept getting declined because of income. I know you are trying to get the kids a secured card but that may be it.
I agree, but even with only $5k income I feel like they should at least have been approved for the secured card?

@Anonymous,

There may be other factors such as scores that the company looks at and we may not know. Even for a secured card, the lender has to be comfortable the line will be paid back for the card to get approved. But this is just speculation as we don't know what the denial letter states...

Anonymous · ‎01-19-2015

@ineedcreditbad wrote:
Hello Everyone,

Need some advise here.

Have two kids in college and I have been trying to get them their own credit cards for a while but for some reason they keep getting denied.

Applied for the Journey student card from Cap One they were denied, applied for a secured credit card from Cap One denied again and applied with Discover student card denied as well.

Currently I have them as authoirzed user on my Amex and Cap One. The limit on Amex is 9500 with a balance of 5000 and Cap has 3500 with a balance of 1000.

They work part-time so income is around 4-5K per year as they are full time students, so not sure why they are getting denied.

Any advise or next steps will be appreciated.

Thanks

Raj

They should have put 15k or a little bit higher! Thats what i did for all my cards on my sig! I counted financial aid as income .