Getting another credit card - impossible

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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Yes I saw that, but I already have a Discover. I want a Visa or Master Card since those are much more widely accepted. I'm surprised that other companies don't do cosigning. You can do that for loans and stuff.

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I can't think of any Mastercard or Visa that allows a cosigner unless possibly from a CU.

[jsucool76]

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@Anonymous wrote:

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@Anonymous wrote:

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@Themanwhocan wrote:

You have 2 credit cards, I don't see why you need more at this time in order to build a credit history.

What you need is a job. A part time, student job. Working for your parent isn't a job. Its not counting towards your number of years of work when Social Security starts calculating your benefits when you retire. Your 'job' isn't being reported to the IRS. Its not building a good job history for the resume you'll need to write when applying for your first full time job.

You must realise that when you apply for a full time job, they will want to check your references. And your parents can hardly be expected to give an unbiased review of your work. Whereas even the manager at a burger joint can give a glowing review of how reliable you are, how you volunteer to fill in when co-workers are out sick, how well you do your job, etc.

Your parents, and their brothers and sisters, and all their friends had to do the same thing when they were your age. This isn't really going to come as a surprise to them.

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I understand your points and I don't want to go way off topic but your advice certainly doesn't apply in all situations.  We have no idea where she is going to school, her course load and how much free time she has to go work in a pizza parlor.  Depending upon the degree she is getting, what part time job she might or might have had while in college is about the least of any background that a potential employer is going to be concerned about.  There are many college grads who get very good and high paying jobs without having 'worked' during their college years..  

Its ts not up to us to decide whether she needs more credit.  She asked what she could do to get a Mastercard or Visa and the secured card is still her best option.

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Thank you!! I am going to the University of Vermont, planning on a Bachelor of Science in Biochemisry with minors in Statistics and Nutrition/Food Sciences. I am already busy enough dealing with our website, eBay, Etsy and our social media stuff. I certainly don't have time to get a "real" job, even this summer I'm taking 3 sessions of summer courses to get ahead.

But yeah, I just want to know what my options are. No one really mentioned cosigning, so either this ability is going away or no one really has any experience with it.

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I sorta alluded to cosigning in my first post.  Other than Discover I'm not aware of any credit card companies that allow cosigners.  There probably are some credit unions that do but that's something you'll need to check up on with the ones that you're eligible to join.  It will also require your parent(s) to join.

Good luck in school.  While it's quite a few years since I was your age, I know how little free time you can have in school. 

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Yes I saw that, but I already have a Discover. I want a Visa or Master Card since those are much more widely accepted. I'm surprised that other companies don't do cosigning. You can do that for loans and stuff.

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BoA, Wells Fargo, and Discover allow cosigners. 

Who do you bank with? 

Wells fargo gave me a student card without asking me for my income or anything when I "applied" in branch. The guy said "You're pre-approved for the student card, do you want it?" and I said "Yes" and I got it in the mail a week later. So it's a possibility. I did open a bank account with them though, $100 min deposit. But they'll give you a card most likely. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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Yes I saw that, but I already have a Discover. I want a Visa or Master Card since those are much more widely accepted. I'm surprised that other companies don't do cosigning. You can do that for loans and stuff.

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I can't think of any Mastercard or Visa that allows a cosigner unless possibly from a CU.

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That's so weird to me. It's a safer option for the credit card company. Weird.

[Anonymous]

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@jsucool76 wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Themanwhocan wrote:

You have 2 credit cards, I don't see why you need more at this time in order to build a credit history.

What you need is a job. A part time, student job. Working for your parent isn't a job. Its not counting towards your number of years of work when Social Security starts calculating your benefits when you retire. Your 'job' isn't being reported to the IRS. Its not building a good job history for the resume you'll need to write when applying for your first full time job.

You must realise that when you apply for a full time job, they will want to check your references. And your parents can hardly be expected to give an unbiased review of your work. Whereas even the manager at a burger joint can give a glowing review of how reliable you are, how you volunteer to fill in when co-workers are out sick, how well you do your job, etc.

Your parents, and their brothers and sisters, and all their friends had to do the same thing when they were your age. This isn't really going to come as a surprise to them.

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I understand your points and I don't want to go way off topic but your advice certainly doesn't apply in all situations.  We have no idea where she is going to school, her course load and how much free time she has to go work in a pizza parlor.  Depending upon the degree she is getting, what part time job she might or might have had while in college is about the least of any background that a potential employer is going to be concerned about.  There are many college grads who get very good and high paying jobs without having 'worked' during their college years..  

Its ts not up to us to decide whether she needs more credit.  She asked what she could do to get a Mastercard or Visa and the secured card is still her best option.

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Thank you!! I am going to the University of Vermont, planning on a Bachelor of Science in Biochemisry with minors in Statistics and Nutrition/Food Sciences. I am already busy enough dealing with our website, eBay, Etsy and our social media stuff. I certainly don't have time to get a "real" job, even this summer I'm taking 3 sessions of summer courses to get ahead.

But yeah, I just want to know what my options are. No one really mentioned cosigning, so either this ability is going away or no one really has any experience with it.

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I sorta alluded to cosigning in my first post.  Other than Discover I'm not aware of any credit card companies that allow cosigners.  There probably are some credit unions that do but that's something you'll need to check up on with the ones that you're eligible to join.  It will also require your parent(s) to join.

Good luck in school.  While it's quite a few years since I was your age, I know how little free time you can have in school. 

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Yes I saw that, but I already have a Discover. I want a Visa or Master Card since those are much more widely accepted. I'm surprised that other companies don't do cosigning. You can do that for loans and stuff.

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BoA, Wells Fargo, and Discover allow cosigners. 

Who do you bank with? 

Wells fargo gave me a student card without asking me for my income or anything when I "applied" in branch. The guy said "You're pre-approved for the student card, do you want it?" and I said "Yes" and I got it in the mail a week later. So it's a possibility. I did open a bank account with them though, $100 min deposit. But they'll give you a card most likely. 

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My bank accounts at with People's United Bank. This may be a New England bank, I don't know.

I don't think we have any Wells Fargo brances anywhere near where I live.

[chwebb1]

Unfortunately, I don't think that you'll have much luck getting additional credit without reportable income. I would include your Etsy/Ebay sales as income, though, since you do make money from them. I don't think anyone would raise an eyebrow at that. Every credit card that I've applied for asked for how much income I have, and I'm also a student (graduate student). What did you end up putting down to get your Discover card?

If you're OK with putting down your Etsy/Ebay stuff, I'd see if you can get in with your current bank. They're more likely to approve you, especially if you have $10k with them. I have a fair amount of money with Bank of America (around $26k), and they gave me a credit card with a very low APR. I didn't have that when I originally applied for the card, but they gave me a substantial APR reduction after I moved that money to them. I haven't been brave enough to ask them for a CLI yet, although I keep considering it.

I know that others have suggested getting a student card, but honestly, those will probably have a low CL when you start out. None of my cards except for Discover are a "student" card, they're the standard card. And I think you're more likely to get a usable CL with a regular CC.

As far as Discover acceptance, where have you had difficulties using the card? I am able to use mine at probably around 95% of the places I want to.

Good luck with whatever you decide to do.

[Anonymous]

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@Anonymous wrote:

I am currently a sophomore in college. I have had a credit card since May of 2013, a month before I graduated high school (I was 18). I got a Discover Student It (or something like that) card. I also got a Victoria's Secret store card that I really never use.

My credit score is 743. I do automatic payments of the full statement balance, so I never pay interest and my payments are never late. 

I want to get another card, specifcally a Visa or a Mastercard. In the 22 months of having a credit card, I have made a purchase in all but 3 months, and that hasn't happened since July of 2014. As of right now I have it linked to our Etsy business account, so I'm making some fairly large payments on it. $300 was my last bill a couple days ago.

I have a lot of money in the bank, and by a lot, I mean over $10,000. I don't have a "job". I work for my dad, and in return he pays for my college and all that stuff.

I want to get another card. I have applied for cards in the past, and have been denied due to the fact that my income is didly squat. I understand that, but considering my excellent credit history with Discover, and how much I have in the bank, I am surprised I haven't gotten a card. I don't even know if a Student card would accept me since I have "no income".

So, with that all being said, I know I can have my parents cosign for me. They have excellent credit history, always paying in full on time (we have 0 debt). I know their credit lines are insanely large. I want to get a card that has the  ability for them to cosign with me, so I build more credit as an adult. I also want a credit card that has a higher credit limit than $750, as my Etsy payments are getting larger and larger. (Each time I make a successful payment, they increase my fee threshold, so I will make a $400 payment next time.)

Thanks in advance for suggestions either for me getting my own card (becuase some how I got one from Discover and VS), or cosigning with my parents.

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Try your local credit union and see if they can do a cosign for their credit cards.

[kjel]

FWIW my college age daughter has been able to grow her CapOne Journey card from $250 to $3000 over the past 18 months with light regular use, reporting under 10%, paying in full, and hitting the luv button. She does have reportable income of about $12K though. Recently she joined NFCU through her boyfriend and they approved a $5K cash rewards Visa for her.

[Anonymous]

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@chwebb1 wrote:

Unfortunately, I don't think that you'll have much luck getting additional credit without reportable income. I would include your Etsy/Ebay sales as income, though, since you do make money from them. I don't think anyone would raise an eyebrow at that. Every credit card that I've applied for asked for how much income I have, and I'm also a student (graduate student). What did you end up putting down to get your Discover card?

If you're OK with putting down your Etsy/Ebay stuff, I'd see if you can get in with your current bank. They're more likely to approve you, especially if you have $10k with them. I have a fair amount of money with Bank of America (around $26k), and they gave me a credit card with a very low APR. I didn't have that when I originally applied for the card, but they gave me a substantial APR reduction after I moved that money to them. I haven't been brave enough to ask them for a CLI yet, although I keep considering it.

I know that others have suggested getting a student card, but honestly, those will probably have a low CL when you start out. None of my cards except for Discover are a "student" card, they're the standard card. And I think you're more likely to get a usable CL with a regular CC.

As far as Discover acceptance, where have you had difficulties using the card? I am able to use mine at probably around 95% of the places I want to.

Good luck with whatever you decide to do.

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I don't feel comfortable using Etsy as income (eBay goes to our business PayPal, nothing to do with my personal stuff). I don't claim it as income, my dad does on his business taxes. I would fell really funny claiming it for credit card stuff.

I think I said $500 a year for Discover.

I don't need low APR, I pay all payments in full. So that doesn't matter at all.

I've never not been able to buy something I wanted because they didn't take Discover. I don't buy much at all anyway. I just know that Visa/MC are much more widely accepted.