Credit Cards

[KatherineLee]

What is the chance of getting an Amex Blue Cash Everyday Rewards card with:

725 Equifax, 730 Transunion.

No history of credit cards (No revolving accounts)

Only account history is student loans (~1-4 years old in range)

No annual income (yet)

I am asking because a friend of my mine wants to start building his credit, but I don't want him to waste an inquiry on Amex if any of you know from experience or other posts that the income or lack of history with other lenders will destroy any chances with Amex. 

If it does, do any of you have suggestions for what he should be doing now?

Thank you!

[pizzadude]

No ~ I don't think that AMEX will approve him for either a revolving card or a charge card with no CC history.     He will need to establish revolving payment history first, at least 6 months, probably more likely 12 months of on~time payments.

Also the "no annual income" will likely be a problem.

[jd5189]

He could possibly get a Zync card depending on his income. Probably not a BCE with no history with AMEX or other CC's.

The Zync was my first CC I obtained and the only other estabilished credit at that time were student loans.

[Repo-ed]

No.

[KatherineLee]

So is the general consensus that with no income (no current job), no chance?

How about with the charge card?  Zync?  

Thanks for the replies, btw.   It is what I suspected, but I just wanted to be sure.  

[KatherineLee]

Although, interestingly I got my first credit card  (US Bank Cash Rewards) with no revolving history, just student loans - and no income.   4000 CL, too.   But that was almost six years ago - so I know things have changed in terms of giving cards to students. 

[improvingmycredit]

Chances are minimal at best.  Zync was designed for people with thin files.  Amex marketed it as such... upwardly mobile individuals with little established credit. (not bad credit)  But in this case, I see the "no income" as the biggest issue.  Amex is very much income sensitive.  They wanna know you can pay up.  

[jd5189]

I think any CC company would have a difficult time justifying giving someone credit without any income.

Remember, you don't necessarily need employment to have income (however I think AMEX prefers employment). If your friend's parents support him (an allowance), that is considered income. As well as scholarships and other sources like that.

However, unless he generates some form of employment on his own I think AMEX (of any kind) is out of the picture for now. He would probably have a chance obtaining a student credit card from another company.

[jamesdwi]

The new credit law requires you to have income to make payments. So basicly its illegal to issue a person with no income a credit card. 

[Revelate]

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KatherineLee wrote:

Although, interestingly I got my first credit card  (US Bank Cash Rewards) with no revolving history, just student loans - and no income.   4000 CL, too.   But that was almost six years ago - so I know things have changed in terms of giving cards to students. 

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Yeah, completely different world these days: lenders got slapped pretty hard for their practices with regards to students