CC app for child

[Anonymous]

I was going to have my 19 year old daughter go to Disc prequal site. But when she put her info in, it recommended student card as she is a student. She has a part time job and makes about 13k a year from it. It is a seasonal job and coming to an end at the end of October. So I was hoping she could get approved for a regular card prior being laid of thisyear. Since I know she can't use mine or my wife's income, should she could app for a regular Discover or just go for the student version?

She currently has a secured loan through local cu that she has had for just over a year and just got a secured cc from same cu. That may not have started reporting yet.

[WD2005]

Is she a student? My son was also pre-qualified for a Discover Student card but he had submit documentation to prove he was a college student. After that he was approved with a $1K SL and recently was bumped to $1300 after 3 months. He had about $6K in income last year.

[SBR249]

I don't think it's critical that she applies before she's laid off. Most CC applications (though there are exceptions) ask for annual income. Also, proof of income dated within the last 30-60 days are generally acceptable. So I'd say she probably has until Nov or maybe until the end of the year. 

As for whether she should apply for the regular one vs. the student version, that I cannot say except that she likely has a better chance at the student version. 

[Anonymous]

Yes she is a student. I just assumed in case they asked for poi it was best to have something current. If they asked and she gave them an old one and they came back asking for a current and she said she was laid off they may not accept.

I just didn't know if the student card is hard to convert to a regular card after or not. I know she could do another secured but I am saving that for her to do a NFCU secured next month. 

Hopefully if all goes well, when she graduates she will have no inq, AoOA will be 4 years, AAoA will be 2.5 years, and 3 revolvers. And all of her cards will be cards she can keep and have to worry about cancelling at any point. She is pretty responsible now so I don't anticipate her screwing anything up. 

I have to think her fico at that point would be mid to high 700's based on my fico and profile in contrast to what she will have.

[SBR249]

From the past threads on here, it doesn't seem like it would be too difficult to PC a student version to another Discover product. 

As for POI, anything dated within the past month is usually considered current as many people are paid on a monthly basis. Even if she doesn't have an income right at that moment, irregular income like seasonal work or self employment is still not that rare. I know there are some institutions (some CUs for instance) that can get freaked out if you don't show a regular vanilla paystub but even PenFed was willing to take my previous year's tax return as POI when I applied. Many lenders will work with you as long as you aren't straight up lying to them. 

[Anonymous]

Why don't you want her to have the student version? "Better" is an opinion, but I think the student version of the card is better than the regular version of it. 

[Anonymous]

Not really sure. I just didn't know if it gets switched to a regular card after graduation. And I didn't want her to have to carry a card that wouldn't benefit her later. Just trying to set her up with cards that she'll keep forever and never take a hit on aging like I did several times.

[Anonymous]

I started my credit card journey with the Discover it Student card and in my opinion is a good card to start with.... And I had no credit. Not even an AU. CL started at $500... 1st anniversary I was up to 1k. Year 2...6.5k. Year 3...16k. Year 4...24k.

It's a good card to grow with and my highest SL. All these increases came in chunks here and there. Definitely recommend.

[Sharingan]

Not everyone has or had a positive experience with Discover’s student cards. I made the mistake of getting the student version of the IT card (was the Discover More then) in college when I probably could have qualified for the regular version, as I had a few years of employment and income. It was my lowest limit at the time (1.5k), and remained there years after graduating. 6 years later (after approval), it’s at 15k and is still one of my lowest limits. 

I will concede that it does appear that Discover has loosened up a bit with their student cards recently, however, it was an incredibly frustrating experience dealing with Discover to remove whatever internal restrictions they had on my student card well after I was no longer a student. I probably would’ve been better off if I had closed the student card and reapplied for the regular version. There’s a few interesting threads discussing Discover’s student cards, and I know I wasn’t the only one to experience this. 

[Anonymous]

My Discover is technically a student card. I started out with a $1500 limit and got it up to $10K by its one year anniversary (4 soft pull increases to 8800 in the first 7 months and an auto increase on month 12 which brought it to 10K). All of this with a stated income of $22K. Oh and I get the same exact rewards as the regular version of the card and an additional $20 a year for getting good grades. So the student card is better than the non student card.