Apple Card Approval For College Student Possible?

[yzerman]

My son is a 22 yr old college student making about 12k a year working part time and summer. He has had a Discover student card with a sl of $2500 for about 4mo. Fico score on Discover is 760. No other credit history. He just applied for the Apple Card and was denied. Any chance of approval if he lets his only card age or is his income just too low? Any DPs appreciated!

[joltdude]

Likely he needs a few more months... minimum of 6 before trying... IMHO... im assuming this would be their second CC... Discover being first...

Try in 2 months.. Oftentimes but this is a YMMV, some card issuers like to see a little more experience under the belt from the first card... Its a SP for Apple Card so just have him try again in 2+ months...

-J

[Red1Blue]

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@yzerman wrote:

My son is a 22 yr old college student making about 12k a year working part time and summer. He has had a Discover student card with a sl of $2500 for about 4mo. Fico score on Discover is 760. No other credit history. He just applied for the Apple Card and was denied. Any chance of approval if he lets his only card age or is his income just too low? Any DPs appreciated!

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Applying for Apple Card is a soft inquiry. I suggest he apply for the card on his phone and see what kind of approval he would receive. He would know one way or other with out guessing. There is no credit score penalty since there is now hard inq on his report.

[FinStar]

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@Red1Blue wrote:

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@yzerman wrote:

My son is a 22 yr old college student making about 12k a year working part time and summer. He has had a Discover student card with a sl of $2500 for about 4mo. Fico score on Discover is 760. No other credit history. He just applied for the Apple Card and was denied. Any chance of approval if he lets his only card age or is his income just too low? Any DPs appreciated!

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Applying for Apple Card is a soft inquiry. I suggest he apply for the card on his phone and see what kind of approval he would receive. He would know one way or other with out guessing. There is no credit score penalty since there is now hard inq on his report.

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Just to clarify @Red1Blue and expand a bit more for the OP, the intial check to pre-qualify for the Apple Card is SP.  However, accepting the offer will result in a HP on TU and ChexSystems.

[yzerman]

Thanks for the replies. He already applied on his phone and was declined. My question is will waiting a few months make a difference or is it going to realistically not happen until he gets a "real job"

[FinStar]

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@yzerman wrote:

Thanks for the replies. He already applied on his phone and was declined. My question is will waiting a few months make a difference or is it going to realistically not happen until he gets a "real job"

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Does he have any type of passive income, side hussle or anything where he has access to your income? If so, as mentioned in post #2, it's likely a matter of time.  His current income (part time or otherwise) is fine. It just happens that your son's credit file is thin so once a FICO score starts to generate and his profile ages, then it's fairly possible he could try again. On the upside, checking is SP so it's not going to impact his FICO scores or credit profile, but they'll access ChexSystems again.

[Anonymous]

Ask your son to add the cheap $69 Beats Flex to his cart on the apple website. Then he'll goto the bottom and select "check out with Apple Card installments".

He won't actually buy them fyi. He'll apply for the card, if he's approved just close the apple website. 

For some reason doing this gets people approved. 

[yzerman]

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@Anonymous wrote:

Ask your son to add the cheap $69 Beats Flex to his cart on the apple website. Then he'll goto the bottom and select "check out with Apple Card installments".

He won't actually buy them fyi. He'll apply for the card, if he's approved just close the apple website. 

For some reason doing this gets people approved. 

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Thanks I have heard that can work. What Ive decided to do for now is add DS as a participant on my card. That way he will get his own card and rewards and I'll pay the bill 😂. The increased spend should help me with a CLI and will also allow time for his young credit file to age while still having his "dream card" to use in the meantime. 

[jmw1]

Try the shopping cart trick before you give up. I had many dozens of attempts on the phone but my 2nd attempt on the shopping cart worked. You don't need to actually buy the $69 headphones in the cart. You need to keep it cheap because the SL could be very low. 

[dcp0524]

@yzerman: Thanks I have heard that can work. What Ive decided to do for now is add DS as a participant on my card. That way he will get his own card and rewards and I'll pay the bill 😂. The increased spend should help me with a CLI and will also allow time for his young credit file to age while still having his "dream card" to use in the meantime. 

Also, since he is over 21 he may have more options for his annual income on the application.

When you get to the income section of the application towards the bottom it says "What does annual income include?" Click on that link. At the very bottom it says "If you are 21 or older, you may also include the portion of someone else's income that is regularly used to pay your expenses."

If he's in college and you do help him pay his expenses, well then...

Please only do it if it truly applies. Some lenders are known to check these things randomly and people that don't provide the information or did lie get their accounts closed at best. 

Lastly, you can apply 2x in a 30 day period and they're only soft pulls until an approved offer is accepted. No harm in trying 1x a month to see where he stands.