Is income a big factor???

[Anonymous]

Is income a big factor when you apply for credit card? I am currently a student and have no income however I have an OK score of FICO 707. Should I emphasize my other source of income based on parent's support? 

[Anonymous]

If you have no income, why do you need a credit card??????????  PLEASE DO NOT DO THAT!!!!!!!!!!  That is not using credit wisely.  We shouldn't even have to live off credit.

When you start working, save your money & use it wisely - don't use credit!!!!!!!!!

[guiness56]

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@Anonymous wrote:

Is income a big factor when you apply for credit card? I am currently a student and have no income however I have an OK score of FICO 707. Should I emphasize my other source of income based on parent's support? 

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Yes it is.  And I agree with the other poster, don't apply for credit if you do not have the means to pay it back.

[Anonymous]

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@Anonymous wrote:

If you have no income, why do you need a credit card??????????  PLEASE DO NOT DO THAT!!!!!!!!!!  That is not using credit wisely.  We shouldn't even have to live off credit.

When you start working, save your money & use it wisely - don't use credit!!!!!!!!!

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So you're saying all the college students in the US with credit cards are not using credit wisely?  

[Anonymous]

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@guiness56 wrote:

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@Anonymous wrote:

Is income a big factor when you apply for credit card? I am currently a student and have no income however I have an OK score of FICO 707. Should I emphasize my other source of income based on parent's support? 

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Yes it is.  And I agree with the other poster, don't apply for credit if you do not have the means to pay it back.

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 I rarely use my credit card and I when I do I make sure my saving is enough to pay it back. According the other post I shouldn't even apply for student card then. 

[Anonymous]

That is EXACTLY right.  IN MY OPINION:  CCs go after them for greedy reasons....they are young and HAVE no money.  There is a documentary out there that is so eye-opening, but I doubt these forums will allow me to post the name of it.

It's very simple math anyway.  If someone came to you and asked for $1000, would you give them money if they had no job?!  That would be called a "gift" and NOT a loan.

[guiness56]

Are you wanting to get another CC or wanting to improve your score?

While I agree with the other poster to some extent, I do not believe every student misuses credit but, because they are a target from some CC companies, they are easy prey and stand the chance of messing up their credit.

Credit is a good thing if done correctly.  Do not apply for things you do not need and pay back what you use.

Message Edited by guiness56 on 02-22-2010 09:15 AM

[Anonymous]

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@Anonymous wrote:

That is EXACTLY right.  IN MY OPINION:  CCs go after them for greedy reasons....they are young and HAVE no money.  There is a documentary out there that is so eye-opening, but I doubt these forums will allow me to post the name of it.

It's very simple math anyway.  If someone came to you and asked for $1000, would you give them money if they had no job?!  That would be called a "gift" and NOT a loan.

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I am assuming this is when a good credit history taking in place so the lender can see the person has been paying on time for a good number of years...without a job. 

[Anonymous]

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@guiness56 wrote:

Are you wanting to get another CC or wanting to improve your score? 

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I want to get another CC to improve my credit score. So i guess both.

[Anonymous]

Well.....it's your credit - to use or not.

I'm teaching my kids to NEVER have a credit card.  Cash is king for cars, houses and everything!

Message Edited by Micaela09 on 02-22-2010 11:31 AM