Reply
Senior Contributor
jsucool76
Posts: 3,639
Registered: ‎12-11-2011
0

Re: Second card for student?


tinkytoo wrote:

Can you explain how a student can use their grants and scholarships as income. My daughter is a full time college student she is trying to build credit she already have the student discover that started out at 750 and is now 1500. She got this card June of last year


Most applications will have 2 sections, "Income" (Usually from a job, usually described as Regular Income, because it is continuous), and then "Other Income." I list my grants and scholarships in the other income section, and if they ask for proof of income for this (which hasn't happened to me yet), you can request a 1098-T from your daughter's school, which will list all of the aid she received. 

New Contributor
stevenngu92
Posts: 71
Registered: ‎01-05-2012
0

Re: Second card for student?

[ Edited ]

If you want to keep under 20% util, you have to pay before the closing statement date (before the statement is created) because your statement balance is reported to the cra and not your balance before the due date.

Amazon Store Card ($2500) Amex BCE ($7400) BofA Better Balance Rewards ($2500) Best Buy Store Card ($5000) Chase Freedom ($2500) Discover It ($5500) Walmart Discover ($5800) Wells Fargo CB ($3500)
Valued Member
Cranski
Posts: 94
Registered: ‎07-21-2012
0

Re: Second card for student?

Recently after an app spree out of Discover More, Walmart, Chase, Capital One- as a student; Cap1 is the only one that required income verification but still gave $300 steps problem.

 

#1 Thing is to prepare for recons if she is taking stafford loans, or any other type of college loan (Citi does not recon), because the DTI will show up with deferred loans.

CS 701, CK 682, Credit.com 719/ TU FICO 666 (DIS 8/12) EU FICO 658 (8/12)
After spree CS 738, CK 684, TU FICO 666 (Dis 8/5)

WF Secured 600Cl (7/11), Discover More 1.5k (8/12), Walmart 150CL(8/12), Cap1 Platinum w/Credit steps($300) (8/12)

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+
}