@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.
http://ficoforums.myfico.com/t5/Credit-Cards/Advice-and-Questions-on-Building-Credit-From-Scratch/m-p/4467955#M1286057
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.
Im also a student, and applied and was approved for the Journey back in January with a SL of $300. I work fulltime with an ok salary. I did not include my financial aid as part of my income on the application. I have several savings & checking accounts with various banks. I had the card for 1 billing cycle and PC's it to a QS, also after the 1st statement cut I was pre approved for a QS1 & Plat. but only applied for the QS1 and was approved.
I would recommend you use your financial aid as part of your reported salary. The limit may start small.
Yes mark rent as $0 if you pay no rent.
