Capital One Journey Student Rewards - declined.

[syeb]

My just-turned-18 year old son has been an AU on several of my good cards for a year. $80k+ in credit lines, 1% util, no lates or anything else derogatory. Nothing else in his credit report. We haven't pulled a FICO but I would imagine it would be comfortably above 700 with AAOA the only negative factor as based on CK it does not look like anything was backdated to my original dates.

He is in college and just applied and got declined for the Capital One Journey Student Rewards card. He has very low income - only about $1,000 from a summer job and we are paying all of his expenses.

I would assume the low income is the reason for the denial. Anyone know if there is an official or unoffical minimum income requirement for this card?

Edit - one of my cards on which he is an AU is a Venture with a $50k limit - zero balance. Can that have spooked Cap One?

[Anonymous]

With Cap One, the minimum income you have to have is $425 a month above rent/mortgage (so with a $0 rent payment, the lowest income someone would probably get approved for would be $5100 and I still think that'd probably be low).  So yeah, it's likely income is a factor in the denial.

From Cap One's site:

ADDITIONAL DISCLOSURES & TERMS AND CONDITIONS

I am applying to Capital One Bank (USA), N.A. (Capital One®) for a credit card account.

• 
  By applying, I understand that I am not eligible for this offer if:
• My application is received after this offer has expired, is missing required information or the information is unreadable, inaccurate or cannot be verified.
• My address is: a) outside of the 50 United States, Washington, D.C., or a U.S. military location; b) a correctional institution.
• My monthly income does not exceed my monthly rent/mortgage payment by at least $425 (my monthly income is my disclosed total annual income divided by 12) or I am otherwise determined to be unable to make my monthly payments based on income, estimated living expenses and other debt I am responsible for.
• I am under 18 years of age or do not have a valid Social Security Number or Individual Taxpayer Identification Number.
• I have previously applied for a Capital One credit card 2 or more times in the last 30 days.
• I have 2 or more open credit card accounts with Capital One.
• I have a Capital One credit card that is past due.
• I am over my credit line on a Capital One credit card.
• I have had a Capital One credit card that has charged off within the past year.
• I have a non-discharged bankruptcy (one that is still unresolved).
• Capital One credit card may refer to any card issued by Capital One, including co-brand and retail cards.

[ddemari]

It's definitely the terms about income. Get him a secured card?

[Anonymous]

If you are paying for anything on his behalf its considered his income.

that is how I got denied financial aid in the old days

[syeb]

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@Anonymous wrote:
If you are paying for anything on his behalf its considered his income.

that is how I got denied financial aid in the old days

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I can't believe we missed that part in the T&C. Wasted a couple of hard pulls. Oh well.

I guess he can consider the tuition I pay for him as income. But I think he should just wait until he gets a real job. The AU cards will work until then.

[crissyanj]

When I worked in banking, any money given to college kids by parents, financial aid is considered income.