Credit Card for Students

[JamesB95]

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@Anonymous wrote:

@ineedcreditbad,

Sorry to hear that.  I may be wrong but the income of 4-5k a year may be the reason.  There is another thread on here where someone with a solid score and an income of 12k kept getting declined because of income.  I know you are trying to get the kids a secured card but that may be it.

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@I disagree. I make less than 12k a year ( I won't be this summer, but, can't apply that till then), and, I was approved for Discover IT Chrome Student $500, and 7 months later I applied for Capital One Journey and was approved for $500. Also approved for PayPal Credit @ $500 and Walmart for $600 all this month. Also a NFCU cashRewards this month for $500.

Income between 7k-12k is not a deciding factor for low limits. I'm an example. I have an overall limit of $2,600 (so far).

It HAS to be another factor involved. I even have 6 student loans open from the Education Gov sector (so far).

Also note: I do not have a great FICO score right now, either.

[ineedcreditbad]

Thanks.

They do have student loans and they been an AU for over six months.

I am guessing it is issue of income, will update everyone this week once I have the denial letters.

[abhowmick18]

two of the biggest things that stood out to me were the following

1) large amount of utilization/balance 

2) part time/low income jobs

As a college student myself, its frustrating to see that they're getting denied for cards since you want them to start building a solid profile for now. One suggestion I will give is try to first get rid of the balance as soon as possible and minimize utilization (overall) and keep it within 10-30% as well as being able to pay it off in full at the end of each month. Since they're authorized users under your profile, it'll help start their profiles as well as long as they keep healthy habbits.

A 2nd tip I will give (at which your discression is solely up to you) which my other friends/classmates have done is since they're still under 21, for income amount putting down anywhere from 15-20k. Yes its a lie, however it does help increase their chances of getting approved for a card. They'll start off at a low spending limit (anywhere from 500-2k, depending on card) but as long as they keep the healthy habbits they can get CLI's within 3-6 months easily.

Hope all works for the best! 

[ineedcreditbad]

So this is the reponse I got from Cap One

"Based on your application information, proportion of revolving account balance(s) to income is too high"

So i have them as AU on my Amex and Cap. The AMEX has a high balance and Cap One doesnt, would it make sense to have them removed from Amex and just keep them on the Cap One as AU?

[BluePoodle]

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@ineedcreditbad wrote:

So this is the reponse I got from Cap One

"Based on your application information, proportion of revolving account balance(s) to income is too high"

So i have them as AU on my Amex and Cap. The AMEX has a high balance and Cap One doesnt, would it make sense to have them removed from Amex and just keep them on the Cap One as AU?

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What was the credit score the cap one letter stated?  Do you have plans/ability to pay off or significantly down your Amex card any time soon?

[Anonymous]

try to recon 

[ineedcreditbad]

The score was 664 by Experian and yes the plan is to pay off the card in the next few months.

[ineedcreditbad]

Is there a number I can call to recon because when I call the customer service they are of no help.