topic Re: Best Card for a Student in Credit Cards

Best Card for a Student

savmeformyse — Sat, 10 Apr 2010 00:10:18 GMT

Okay I have been on a hunt for a credit card for students to help build my credit. I currently have orchard bank which I have had for 2 years with a limit of 500 Which is very annoying cause I can't get anything but maybe a book. I try very hard to pay my card each month below 9% which has brought my score to only 650 I was informed that the highest my score would be is maybe 660 670 and that I would need some other form of credit. I am looking for a card that only pulls transunion since that's my highest score any advice would be greatly appreciated.

Thanks!

Re: Best Card for a Student

Anonymous — Sat, 10 Apr 2010 00:44:46 GMT

@savmeformyse wrote:
Okay I have been on a hunt for a credit card for students to help build my credit. I currently have orchard bank which I have had for 2 years with a limit of 500 Which is very annoying cause I can't get anything but maybe a book. I try very hard to pay my card each month below 9% which has brought my score to only 650 I was informed that the highest my score would be is maybe 660 670 and that I would need some other form of credit. I am looking for a card that only pulls transunion since that's my highest score any advice would be greatly appreciated.
Thanks!

Does anyone knows this kind of ccs? They can pull whichever they want ... I think ...

Re: Best Card for a Student

Anonymous — Sat, 10 Apr 2010 01:59:06 GMT

Student cards are designed for people with no or limited history. If you have 2 years of positive history and no negatives, you should qualify for most of them. I would pick one I liked, and apply.

Re: Best Card for a Student

savmeformyse — Sat, 10 Apr 2010 12:16:15 GMT

Thanks I am just afraid to have an inq. I already have two from when I applied for a discover and statefarm student card one in DEC and the other JAN. I was denied My scores have not really improve but utilization went down and I got a collection removed. So since I have been denied from them I really don't no of another company with decent limits to apply for.

Re: Best Card for a Student

Anonymous — Sun, 11 Apr 2010 02:58:25 GMT

Are your credit reports clear of all negatives now? If so, much better chance of being approved, and I would try again in a few months.

Re: Best Card for a Student

Itsmeagain — Sun, 11 Apr 2010 06:43:16 GMT

Are you over 21? New credit card law requires minimum age of 21 or be able to prove you have sufficient income.

Re: Best Card for a Student

savmeformyse — Sun, 11 Apr 2010 20:12:16 GMT

Yes I am 24 and on my Transunion everything is clear I have a student loan for about 6800 and a credit card 500 limit 28 dollars reporting. Equifax has 6 lates reporting from last year and no collections they are from a joint account all expect one from a local furniture store they will don't excepted a gw.

Re: Best Card for a Student

Anonymous — Sun, 11 Apr 2010 22:08:37 GMT

This will help find who pulls what. Although not 100% accurate, things can change.

Hi Wolf3, links to CB aren't allowed on here. Thanks. - llecs, myFICO moderator

Re: Best Card for a Student

Anonymous — Sun, 11 Apr 2010 20:24:41 GMT

UMB, Barclays are big TU pullers. Also in my state all the CU pull TU.

Re: Best Card for a Student

Anonymous — Sun, 11 Apr 2010 21:59:42 GMT

Apply for Bloomingdale's. The store card, not the Visa. I had a 648 FICO with Equifax and got a 1k credit line. Others here have applied and got the same 1k. I think they give that to everyone now with a good credit history. Anyway, you're probably wondering what you can do with a Bloomingdale's card....just keep the account open, maybe buy some small things to show that you use the card, but that extra $1,000 of credit in addition to a new account reporting on your CR will indeed boost your score and then open the doors for Visa/MC or even possibly AMEX. I'd give it 3-5 months and then apply for a card at either your credit union or one of the big banks

Although you might not have problems getting a good major CC right now, this is defintiely a way to get a higher CL and most likely a lower interest rate.

Re: Best Card for a Student

Jazzzy — Sun, 11 Apr 2010 22:28:09 GMT

@savmeformyse wrote:
Thanks I am just afraid to have an inq. I already have two from when I applied for a discover and statefarm student card one in DEC and the other JAN. I was denied My scores have not really improve but utilization went down and I got a collection removed. So since I have been denied from them I really don't no of another company with decent limits to apply for.

I don't blame you for not wanting to waste another inquiry. You should have a better chance now with your utilization lower and a collection removed...too bad that didn't happen before you apped for Discover and State Farm. It's a good lesson in repairing before rebuilding. Is there anything else to repair on your reports?

If I were you, I'd try some of the pre-approval sites like CapOne. Many of the cc companies have pre-approval sites. Of course, if you get a hit on one, it doesn't mean that you will be approved for sure, but it at least gives you an idea of which companies to avoid. If you don't get a positive on a pre-app site, you likely won't get approval with the real deal.

Also, as pointed out by another poster, there's nothing wrong with starting out with a store card. My Sears, for example, is now a Sears Citi MasterCard. Many times the store cards turn into general cards eventually. Do a lot of research first on any card you may think of apping for. Come back here to the forums and find out what posters' experiences have been with the card you're targeting. Take your time and plan strategically.

Re: Best Card for a Student

savmeformyse — Sun, 11 Apr 2010 23:02:09 GMT

Thanks I applied for a best buy card but was denied I thought that they would approve me since I already have an account with HSBC/ORCHARD. They told me it was because of my account history which I have had the card for two and a half years with no lates. Theycould not give me a good reason as to why I was denied but suggested I reapply.They aren't offering any CLI so I really am ready to move on from them"HSBC".