topic Re: First Time Credit Card Application Questions in Credit Cards

First Time Credit Card Application Questions

Anonymous — Fri, 11 Mar 2016 23:27:12 GMT

Thanks to the advice of members in the following thread and others, I have decided to go ahead and apply for the Cap1 Journey Student Credit Card, which if accepted, will be my first card.

I've looked through the application and want to clear up a few questions before I go ahead and apply. Want to make sure I get this right the first time.

Monthly Rent

I currently live off campus with my mother to save money. So this would be $0, correct?

Income

My income is pretty small as it is just from working on campus right now, so around $200 a month.
However, in some other threads, it appears to me that financial aid in the form of scholarships and grants (aid that does NOT have to be repaid) can be considered as part of my income. Is this indeed true? If so, that would add up to $35,000+ (scholarships + grants for 2015-2016 year) for me. That seems like a lot to put as income for a college student. Just wanted to double check that.
I'm not 21 yet so I obviously can't include financial contributions from my mother.

Question Regarding "Do you have any bank accounts"?

I currently only have a checking account. Would that be an issue (not having a savings)? I don't think it would be much of a problem for me to open up a savings account if necessary.

That's pretty much it. If anyone has any others suggestions or advice, I'm all ears.

Re: First Time Credit Card Application Questions

icyhot — Sat, 12 Mar 2016 00:16:14 GMT

@Anonymous wrote:

Thanks to the advice of members in the following thread and others, I have decided to go ahead and apply for the Cap1 Journey Student Credit Card, which if accepted, will be my first card.

I've looked through the application and want to clear up a few questions before I go ahead and apply. Want to make sure I get this right the first time.

Monthly Rent
I currently live off campus with my mother to save money. So this would be $0, correct?
Income
My income is pretty small as it is just from working on campus right now, so around $200 a month.
However, in some other threads, it appears to me that financial aid in the form of scholarships and grants (aid that does NOT have to be repaid) can be considered as part of my income. Is this indeed true? If so, that would add up to $35,000+ (scholarships + grants for 2015-2016 year) for me. That seems like a lot to put as income for a college student. Just wanted to double check that.
I'm not 21 yet so I obviously can't include financial contributions from my mother.
Question Regarding "Do you have any bank accounts"?
I currently only have a checking account. Would that be an issue (not having a savings)? I don't think it would be much of a problem for me to open up a savings account if necessary.
That's pretty much it. If anyone has any others suggestions or advice, I'm all ears.

Yes, your monthly housing payment would be zero. I would include any income from scholarships and aid that you have LEFTOVER that you can use to pay your bills as part of your income. Its a student card, it doesn't expect you to have a lot of income. I doubt they really care about having a savings account. I always wondered why they asked. But if you have a checking you're fine.

Re: First Time Credit Card Application Questions

Cookie2120987 — Sat, 12 Mar 2016 07:08:59 GMT

Capitol One denied my venture because I put I only had a checking account and my value was to low even, the rep sId there were no other reasons other than not having a savings account. Kinda irritating but it's life (also venture is NOT a college card! So you should be fine just shared my bad experience!)

The first reply gave you some really good info, I would NOT put down $35,000 because they may request documentation of income, don't stress the results overall it's a starter card good luck!

Re: First Time Credit Card Application Questions

Anonymous — Sat, 12 Mar 2016 18:32:34 GMT

Appreciate the insight. Thank you both very much.

Re: First Time Credit Card Application Questions

Creditplz — Sat, 12 Mar 2016 18:58:32 GMT

From what I've always heard about their college card it requires (again from what I have heard) previous credit history? I applied for it back in the day and got declined for no history. Had to settle for their secured card. This was 4 maybe 5 years back so things could have changed.