Reply
New Contributor
chelseakay
Posts: 53
Registered: ‎09-18-2011
0

Citi and Discover student requirements?

Hi. I'm 18 and just started building my credit. A month ago I was accepted for 2 credit cards with CapitalOne. They're the only ones that would approve me. I like them, but I heard they arent really good with credit limit increases and both mine are very low. I was wondering how long I should wait and work on building up good credit before I would be accepted for a better student card, like one of the ones through Citi. Does anyone know how much credit they like to see before they'll give you a student card? 6 months? a year? I am also interested in the same info for Discover. I also have a low Line of Credit with my credit union that will be reported. Thanks!

Starting Score: NonExistant (07/2011)
Current Score: FICOs: TU: 714 (6/2012) EQ: 686 (4/2012) EX: 712 (PSECU) (6/2012)
Goal Scores: 750 by 2013

Amex Zync, Discover More $1700, BofA Cash Rewards $600, Walmart $800
Valued Contributor
ptr2593
Posts: 1,486
Registered: ‎08-14-2011
0

Re: Citi and Discover student requirements?


chelseakay wrote:

Hi. I'm 18 and just started building my credit. A month ago I was accepted for 2 credit cards with CapitalOne. They're the only ones that would approve me. I like them, but I heard they arent really good with credit limit increases and both mine are very low. I was wondering how long I should wait and work on building up good credit before I would be accepted for a better student card, like one of the ones through Citi. Does anyone know how much credit they like to see before they'll give you a student card? 6 months? a year? I am also interested in the same info for Discover. I also have a low Line of Credit with my credit union that will be reported. Thanks!


I assume they don't really care about your history as long as it's relatively clean.  A student card is for students who, most likely, are just starting out in the credit world.  When I apped for my US Bank student card the only thing I had on my history was (unbeknownst to me until a few weeks ago when I looked at my CR for the first time) a CO GEMB Gap card from two years before.  Needless to say, US Bank gave me the card.

In My Wallet:
AMEX BCE, Citi Forward, Chase Freedom

In My Sockdrawer:
AMEX Clear, Citi Platinum Select, US Bank Platinum, J.Crew
Established Member
xxaznxx27
Posts: 35
Registered: ‎08-23-2011
0

Re: Citi and Discover student requirements?

[ Edited ]

i got discover around that age with only MINIMAL credit history from AU accounts. (bit me after though..) but i'm currently working on the citi forward card, i'll let you know how that goes..lol 

 

but it should be fine=) 

Frequent Contributor
raenys
Posts: 387
Registered: ‎08-25-2011
0

Re: Citi and Discover student requirements?

I just went through this with my 19 year old daughter.

 

She first got the Cap1 Jouney student card. It was the only CCC that would issue a card to her. They started with a $500CL.

I had her charge one item per month and pay in full every single month. 

 

4 months later, she applied for Amex Zync and was approved. There is a $25 annual fee on that card. She did not purchase any additional packs. The purpose was to get her foot in the door with Amex, and perhaps when she is done with college, get a better Amex card. She actually likes this card since she pays in full anyway.

 

At 6 months, she applied for Citi Forward STUDENT and was approved with an $800 CL. At the same time, Cap 1 automatically increased her CL to $750.

Next day, she applied for the Discover MORE STUDENT. She got the 30 day message. They wanted more time to review the application. 3 days later (with no phone call necessary to Discover), she was approved for the REGULAR Discover More with a $1000 CL. This puts her in prime territory though the CL is still conservative. I read that you cannot get Discover student if you are enrolled in a 2 year community college (which she is). However, they will consider you for a regular MORE card in the alternative.

 

Thus, for CITI or DISCOVER, wait 6 months from the time you received Cap1. Remember also as a student, they look at your own PERSONAL income, not your parents. For anyone under 21, you must show that you have your own income/job.

 

CITI is probably the best with increases. Discover is more conservative. Both banks are great to grow with though.

 

Citi Forward is a great card to have. It gives 5x points on entertainment, books, dining and Amazon.com.  

Discover is excellent for the 5% rotating catagories.  You do not get a true 1% back on everything else until you reach $3500 in spending. The only downside to that card.  Great shopping at the rewards mall.

 

Avoid CHASE at all costs for time being. They usually want to see 1-2 years of credit history. I already looked into that. Their Chase FREEDOM is something you may want to shoot for down the road. It is one of my favorite cards, but they too are very conservative.

 

My daughter also has one store card.

 

Sorry I am being a mother right now....but as I told my daughter, only put on the card what you are able to afford and pay in full every month. Too many people starting out in the credit world destroying their credit history at a young age ( I unfortunately speak from experience :smileywink: ). If you follow this most important rule, you will be on the road to great scores. The only thing she has to do now islet all of her cards AGE. No more apps for her until she is done with college. 

 

 

 

 

New Contributor
chelseakay
Posts: 53
Registered: ‎09-18-2011
0

Re: Citi and Discover student requirements?

Thank you! That was VERY helpful :smileyhappy:

 

I heard the American Express Zync was easier to get, and I will definitely give it a shot in 4 months! As well as the Citi Student card a while after that!

 

I just talked to someone online from Discover and they told me the same thing, you can't get the student card by only going to a 2 year community college. Which I think is rediculous. Plenty of people start off at a 2 year college especially if they're still discovering what they want to do, and then move up to a 4 year college. Oh well. I'll try the Discover More card though :smileyhappy: I really like their rotating 5% haha.

 

And it's a goal of mine to eventually get a Chase Freedom :smileyhappy: But of course not for a couple years.

 

Thank you so much! It was really helpful and good to know that your daughter has had such great success. The CapitalOne Journey was my first card as well so I'm headed down the same path! :smileyhappy:

Starting Score: NonExistant (07/2011)
Current Score: FICOs: TU: 714 (6/2012) EQ: 686 (4/2012) EX: 712 (PSECU) (6/2012)
Goal Scores: 750 by 2013

Amex Zync, Discover More $1700, BofA Cash Rewards $600, Walmart $800
Frequent Contributor
raenys
Posts: 387
Registered: ‎08-25-2011
0

Re: Citi and Discover student requirements?

Fabulous! I am happy I could help. I have been giving out my advice to all of my daughter's friends too. LOL

 

I wish the best of luck and success!!!

 

One last thought.....

After you wait to have 6 months credit history, if you get the 30 day message with Citi, just call the backdoor number and speak with them. My daughter had to do this and was approved. They usually just like to verify some information. Same holds true for Discover, though they approved her without a phone call.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+