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Established Contributor
Crossdivided
Posts: 534
Registered: ‎01-23-2013

"Student Cards" - Easier Approvals?

yeah so about a year ago i took my old 39 y/o butt back to school (still another few semesters to go).

 

anyway it just occured to me that alot of CC companies have their 'student cc' versions. it looks to me that most are for 'no credit to build history', but some just state current enrollment is required. most of the cc databases show a lower approval 'avg score' for these, but no idea on the accuracy.

 

any experience with this? if the approvals are more lax, would seem to be a good way to get a foot back in the door with some of the cc companies.

Frequent Contributor
SLR72689
Posts: 353
Registered: ‎02-15-2013

Re: "Student Cards" - Easier Approvals?

bump.

Established Contributor
jordanmedical
Posts: 1,011
Registered: ‎04-08-2012

Re: "Student Cards" - Easier Approvals?

I've heard this too but don't know if it's true. This is a good question to ask in the cc forum.
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Valued Member
Narnia1
Posts: 28
Registered: ‎03-01-2013

Re: "Student Cards" - Easier Approvals?

I got approved for $1,200 from WF student card.  Yes, the bank checked on my student status (it's active) but I have no idea how they checked it up.  Maybe, thru directly university that I am going to or the transactions on statement because I pay my tuition fee by WF debit card.

 

This is my first unsecured cc.  I definitely had no cc history before, not even secure card in the history. 

 

At first I knew that no bank is gonna give me cc, so I went to talk to my banker about applying for secured cc but then she told me that I might get approved for this student card.  She helped me fill up application and everything.  A few days letter she emailed me that I was approved for that.  I still feel so grateful to her.

 

Hope this helps.  Good luck :smileyhappy:

Frequent Contributor
Henchman21
Posts: 349
Registered: ‎02-16-2013

Re: "Student Cards" - Easier Approvals?

I didn't get approved for the Cap one Journey card. Although my scores are terrible right now. As far as I know, the only negative is potentially higher APR's. Some don't check student status, some do.
2/16/13 Scores EX: 594, TU:513, EQ:563
Cap One Secured: $200, Kay's: $400

GOAL #1: 625
Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013

Re: "Student Cards" - Easier Approvals?

Most prime banks that offer student cards do check current student status. For example, Wells Fargo and discover.

You generally need to be enrolled in an accredited college (4 year college or graduate programs required for Wells Fargo and some other banks), that can be verified somehow. You can show letters of current enrollment at your college, transcripts, degree progress report, or verify your school email address.

The email address part can be tricky for people registered in schools without a .edu domain.

But overall, underwriting requirements for college cards are generally lower, but the credit line they extend to you are also lower without much room for high CLI increases until you graduate.
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Established Contributor
jordanmedical
Posts: 1,011
Registered: ‎04-08-2012

Re: "Student Cards" - Easier Approvals?

I still have and access my college email.

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Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
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Established Contributor
Leadberry
Posts: 609
Registered: ‎01-31-2013

Re: "Student Cards" - Easier Approvals?


Crossdivided wrote:

yeah so about a year ago i took my old 39 y/o butt back to school (still another few semesters to go).

 

anyway it just occured to me that alot of CC companies have their 'student cc' versions. it looks to me that most are for 'no credit to build history', but some just state current enrollment is required. most of the cc databases show a lower approval 'avg score' for these, but no idea on the accuracy.

 

any experience with this? if the approvals are more lax, would seem to be a good way to get a foot back in the door with some of the cc companies.


I feel like they're more forgiving of a thin file, but not so much for a bad file.  I was approved for a C1 Journey with two unpaid CA's, two paid CA's and one paid CO reporting (at the time).  The only good TL's reporting were an AU Amex account and two deferred student loans.  The approval amount was $500.  I was denied the Discover it student card due to the baddies.  From what I've read, it seems the CCC's are highly inquiry sensitive when it comes to student card apps.  Also, it seems like you will get lower limits with student cards.

   
   
Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013

Re: "Student Cards" - Easier Approvals?


jordanmedical wrote:

I still have and access my college email.


technically, if you already graduated, you shouldn't be applying for college cards. This can constitute as fraud because you are misrepresenting yourself.

Now, will banks find out? Most likely not.

Will you go to jail over this if they find out? Most likely not either. Worst case scenario you just get blacklisted for a period of time.

 

However, it's just not worth the risk to have the underwriting requirements lowered by just so little. Most importantly, the benefits (such as credit limit) are also considerably lower than the normal version.

Like the poster above me said, they're more lenient on thin files, than bad ones. The different in scores needed for the normal card and college card is probably in the 30-40s (my speculation), so if you qualifed for the college card, you're really not too far off from qualifying for the normal version. 

 

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Frequent Contributor
WarJar101
Posts: 341
Registered: ‎08-14-2012

Re: "Student Cards" - Easier Approvals?

I got denied three times for the Discover IT Student card, for "too many recent inquires", and "length of credit history". Same reason I got each time, yet I've been getting approvals elsewhere. I go to a two yr community college currently, and it was actually listed in the drop down menu on the app. Even though one CSR told me that four-yr schools only, my thing is then why the hell would you have 2-yr colleges listed then in the drop-down menu if they weren't eligible? Things like this irks me to no end. Discover really got on my bad side. Citibank kinda sucks but at least they approved me with pretty much no credit history at the time, even though it was a long process (apped in late July for them, didn't get approved until mid-Sept). They took a risk on me, and I have to give them credit for that, no pun intended. I tried reconning with Discover to no avail, I tried like three times though. I still haven't received the letter for denial yet.

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