No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I've just recently really started being aware of my credit and tracking it. A quick back ground first, I'm a student and because of that I am unemployed. I rent my apartment. The credit in my history consists of 2 school loans which have been paid off, and one credit card that I've had for almost 4 years. I pulled my Transunion and Equifax reports and both fall into the 770's range. The majority of the reason why my score is so high is because my parents have helped me pay off school loans and bills, but I'm trying to be more responsible for myself.
So that brings me to here, I want to apply for a cash back credit card, specifically the Capital One Cash Credit Card for my every day purchases.. Everything I've seen tells me I should be able to be accepted for this card, being that my credit falls into the excellent range, and Capital Ones one system tells me that I pre qualify for this card. I wont need to be carrying a balance from month to month or making transfers, just for month expenses that I will pay off in full. Being that I am new to credit card applications, I am slightly apprehensive answering questions on the form such as " monthly rent" and "Annual Income". My rent is about 300 a month but that and my living expenses are paid for by my parents on the agreement that when I finish school I will pay them back, rather than going through a lender.
My question is do you think its wise for me to apply for this card now, or should I wait for a more opportune time when I have an income to report, and if I am safe in applying for this card, how should I answer the rent/income questions? I don't want it to appear as though I'm spending 300 a month and brining in nothing, when thats not really the case.
Any help will be really appreciated.
Are you under 21? If you are, you must have your parents to co-sign a card with you.
I am 22 currently.
Back in 2008, I was able to get approved for the Citi dividend student card with no personal income, I put in just the annual household income. I don't know if that'd still work now. Having your parents cosign with you is also an option.
If you don't have income, I don't think you'll be able to qualify for that card - even with good credit history, they still want you being able to pay them back. Getting money from your parents won't count as income (unless you're paying taxes on it), and student loans aren't income either.
Also, if you view the disclosures for the card, one of the items is:
Which leads me to believe you won't be able to get the card without a cosigner. But then again, even their Journey card (their actual student card) states the same. And I remember reading other posts here where people were denied for cards due to having low income - having no income would have to be even worse.