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Credit Cards for Students

Valued Member

Credit Cards for Students

I'm looking to add another credit card to my collection. I am currently a college student and am wondering if there are credit cards targeted for Students with little to no Credit? I have 6 months of credit history, but no Fico score get. I have a Discover it(6months) secured with $200, and a Capital One Quicksilver which I just upgraded from Platinum(3months), with $400 unsecured. And i am a AU on Best Buy(5months) with $1000. Any info would be very appreciated! Thanks.


As of 11/12/2017: TU 716 EX 709 EQ 710(CK)
Goal: 750 across the board Smiley Happy
Gardening until 03/15/2018
Message 1 of 13
12 REPLIES
Frequent Contributor

Re: Credit Cards for Students

You've already got cards from the two banks I would normally recommend (Discover and CapOne). As it stands, I would recommend waiting a little while longer and then applying for a better card. Perhaps something like a Chase Freedom? But if you're set on getting a card now, BoA has their cash rewards card for students. 3% back on gas, 2% on Groceries, and 1% on all else. If you buy gas reguarly this should fit your needs. Plus a $150 signup bonus is nice. 

Message 2 of 13
Valued Member

Re: Credit Cards for Students

What about the Citi ThankYou Preferred Credit Card for College Students? I can't seem to find what scores are needed though.


As of 11/12/2017: TU 716 EX 709 EQ 710(CK)
Goal: 750 across the board Smiley Happy
Gardening until 03/15/2018
Message 3 of 13
Established Contributor

Re: Credit Cards for Students


ALK11 wrote:

You've already got cards from the two banks I would normally recommend (Discover and CapOne). As it stands, I would recommend waiting a little while longer and then applying for a better card. Perhaps something like a Chase Freedom? But if you're set on getting a card now, BoA has their cash rewards card for students. 3% back on gas, 2% on Groceries, and 1% on all else. If you buy gas reguarly this should fit your needs. Plus a $150 signup bonus is nice. 


The students version does not have the $150 SUB... You must apply for the regular version.

 

OP, I was declined for BofA and Chase both when I was just starting. If you don't have a FICO yet, BofA will most likely not approve you. Chase approved my FU the month after I got a FICO score, but for a measly $500. I would recommend waiting for Disco to graduate, CLI (Hopefully a double dip!), and let that report. Cap1 and Disco should grow on SP's. Hopefully that'll all happen within the next few months. Then go for card #3. Smiley Happy


TU FICO 8: 750 (11/17) — Ex FICO 8: 732 (12/17)
Message 4 of 13
Highlighted
Valued Member

Re: Credit Cards for Students

Alright. That's what I'll do then. It's just tempting to get more cards. I have read and remember that Dsicover monitors your account after 7 months to see if you're eligible for a refund of the security deposit. Most people that I have read who have this card graduated at the 7 month mark, so in October, hopefully I do aswell. Just waiting for a Fico score. I don't trust in CK too much. Seems a little high. The scores on my Sig are from there and Cap1. Discover still says unavailable.

As of 11/12/2017: TU 716 EX 709 EQ 710(CK)
Goal: 750 across the board Smiley Happy
Gardening until 03/15/2018
Message 5 of 13
Member

Re: Credit Cards for Students

Just some added insight from someone who got those cards..

 

 

You have the Discover It and Capital One cards (which is good)

 

The Citi Thank You Prefered for College Students requires a credit score (at least that's what they told me and denied me the first time for), but after getting my score it was approved easy peasy.

 

Finally, Amex Blue Cash Everyday or Everyday is available to you once you get a credit score assuming you qualify. Try the prequals on their site and see once you get a score and it's in the 700's somewhere. It has the oh so wonderful 3x credit limit bump after 180 days so it's useful to you.

 

Those are all I applied for and got with 6 months of credit history and a brand new set of FICO scores. As some added data points, I got approved for Amex and Citi with an $18K income and a 715 FICO across the board. Just *be sure* to check the prequals before you start applying once you get the FICO scores. Smiley Happy

 

Also, just as an aside, my Discover statement didn't show my FICO until nearly 2 months after I had it. Instead, check here: https://www.discover.com/free-credit-score/ . You will know exactly when you get one then

Message 6 of 13
Valued Member

Re: Credit Cards for Students

Thanks for the information! I did try the prequal for American Express, and it said I had been pre approved for: Amex Everyday Credit Card, Blue Cash Everyday Card from American Express, and the American Express Green Card. I will still wait like you said for the fico score to show. I did try the discover scorecard and it says I don't have a fico score yet. 


As of 11/12/2017: TU 716 EX 709 EQ 710(CK)
Goal: 750 across the board Smiley Happy
Gardening until 03/15/2018
Message 7 of 13
Valued Contributor

Re: Credit Cards for Students

The FICO model doesn't generate a score until at least 6 complete reporting cycles, as the program is written to require a minimum amount of data..

IMO that normally works out to 7/8 months IRL due to how reporting updates happen across lenders as well as CRAs ( some are slower than others, that why more physical months are generally required) also ppl tend to count from month 1 of having an account vs the 1st reporting cycle, which is at least month 2, if not 3 of physically having a card in hand.

As mentioned, with what you have already I'd recommend allowing the scoring to take place and you'll likely start receiving offers soliticing you
Message 8 of 13
Valued Contributor

Re: Credit Cards for Students

You would probably be good to go on Amex. I was approved the day of my 18th birthday for their Platinum card, and the Gold Delta, both of which I cancelled later. I did not have a fico at the time of application. I would stay away from cards that are specifically marketed for students, they generally offer subpar terms and no sign up bonus. 

Message 9 of 13
Member

Re: Credit Cards for Students

Keep in mind that the Green card is a 'charge' card unlike the Blue Cash Everyday and Everyday which are typical revolving cards.

 

In this case I would agree with tydawg that you probably don't need a card marketed for students, BUT it is an option and is generally much easier to get. It honestly just depends if you're the type of person to be strategic or suck up as much credit as you can get at any given time.

 

 

Edit: I goofed Smiley Very Happy

 

If you're comfortable with the Quicksilver and Discover, go for the Amex and get the real bonuses. Personally, I would wait for a FICO score to decrease my chances of a rejection and have more leverage for a higher CL and lower APR, but who knows...you could get approved without it. It's certainly happened. It's up to you.

Message 10 of 13