MASSIVE NFCU SL FOR COLLEGE STUDENT LOW CREDIT SCORE

[Anonymous]

Yes, I was unaware of the law. The advisor from NFCU made it sound like as long as I was 21+ and able to verify that I do share bills/a household with other earners that it would be alright to put the overall income. I apologize to anyone who may have thought I was attempting to "game the system". I finish my BA next year and have been already involved in setting up my placement into the Master's program. 

I would under no circumstances even probably use 1K of my 10K let alone max it. Just figured NFCU was a good starting point for a credit union relationship, was initally expecting a denial or a SL around $500. 

[Anonymous]

I didn't understand this law, I apologize if it appears I was attempting anything shady. It wasn't fully comprehensive in my conversation with the NFCU advisor of the ins and outs of this law, only that as long as I could prove household income if necessary that I would in fact be able to disclose household vs individual as a result of my age + living situation. 

[CreditCuriosity]

Congrats... Just be careful with such a big limit and modest income of your own as I doubt your parents would bail you out of charging 10k as you used household income as you mentioned.

College or shortly after college is where most people rack up their CC debt and then get themselves in big trouble and either have CO's or a BK, so please be careful.  

Congrats on the approval none-the-less.

I am a prime example of screwing around in college and after and then having CO's galore and paying well beyond 7 years after graduating to make things right with my creditors.  It cost me 10 of thousands in interest due to higher APRS for cars, houses, etc...

[Anonymous]

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@CreditCuriosity wrote:

Congrats... Just be careful with such a big limit and modest income of your own as I doubt your parents would bail you out of charging 10k as you used household income as you mentioned.

College or shortly after college is where most people rack up their CC debt and then get themselves in big trouble and either have CO's or a BK, so please be careful.  

Congrats on the approval none-the-less.

I am a prime example of screwing around in college and after and then having CO's galore and paying well beyond 7 years after graduating to make things right with my creditors.  It cost me 10 of thousands in interest due to higher APRS for cars, houses, etc...

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very true

[Anonymous]

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@Anonymous wrote:

No no not at all. I had just been told via one of the account advisors at NFCU that it is best to use the gross household income as some apps go by household income and some go by individual income. I do not intend to utilize anywhere near 10K, I only wanted to build a relationship with NFCU from a young age. I'm aiming for a mortgage in the next 10-20 years and wanted to get a foot in the door with this credit union. I pay all of my own CC bills, as well as for my own cell phone, car, insurance(s) etc. 

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Good for you!!! Congrats! that is an awesome CL.

[stonedog23]

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@pipeguy wrote:

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@Jnbmom wrote:

Please don't take this the wrong way, I don't mean to offend you.

I am curious if your parents income will pay your bills? I have a second year college student and I help her out alot but she would not be using my income for credit applications

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+1 

Exactly my thoughts! As mentioned elsewhere in this thread, joint household income is income that you have regular access to, not what everyone in the house makes combined. 

This is so close to the same thing that I'd hate to live on the difference. College kids for the most parts are still a part of their parents households. They are still on their parents' health insurance and if the kid's income is modest can go on their parents' tax return for earned income credit purposes. 

[Adkins]

Congratulations, OP! 

[Anonymous]

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@CreditCuriosity wrote:

Congrats... Just be careful with such a big limit and modest income of your own as I doubt your parents would bail you out of charging 10k as you used household income as you mentioned.

College or shortly after college is where most people rack up their CC debt and then get themselves in big trouble and either have CO's or a BK, so please be careful.  

Congrats on the approval none-the-less.

I am a prime example of screwing around in college and after and then having CO's galore and paying well beyond 7 years after graduating to make things right with my creditors.  It cost me 10 of thousands in interest due to higher APRS for cars, houses, etc...

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+10000 totally agreed.