Getting another credit card - impossible

[Anonymous]

I am currently a sophomore in college. I have had a credit card since May of 2013, a month before I graduated high school (I was 18). I got a Discover Student It (or something like that) card. I also got a Victoria's Secret store card that I really never use.

My credit score is 743. I do automatic payments of the full statement balance, so I never pay interest and my payments are never late. 

I want to get another card, specifcally a Visa or a Mastercard. In the 22 months of having a credit card, I have made a purchase in all but 3 months, and that hasn't happened since July of 2014. As of right now I have it linked to our Etsy business account, so I'm making some fairly large payments on it. $300 was my last bill a couple days ago.

I have a lot of money in the bank, and by a lot, I mean over $10,000. I don't have a "job". I work for my dad, and in return he pays for my college and all that stuff.

I want to get another card. I have applied for cards in the past, and have been denied due to the fact that my income is didly squat. I understand that, but considering my excellent credit history with Discover, and how much I have in the bank, I am surprised I haven't gotten a card. I don't even know if a Student card would accept me since I have "no income".

So, with that all being said, I know I can have my parents cosign for me. They have excellent credit history, always paying in full on time (we have 0 debt). I know their credit lines are insanely large. I want to get a card that has the  ability for them to cosign with me, so I build more credit as an adult. I also want a credit card that has a higher credit limit than $750, as my Etsy payments are getting larger and larger. (Each time I make a successful payment, they increase my fee threshold, so I will make a $400 payment next time.)

Thanks in advance for suggestions either for me getting my own card (becuase some how I got one from Discover and VS), or cosigning with my parents.

[jamesdwi]

List your etsy income, and possibly what your dad is paying towards you college as income. The etsy account  should be considered income, your parents paying for your college is a bit of a gray area. But it should be enough to get you something. 

[Anonymous]

Can I list the Etsy as "income" even though it's really not? I don't file a tax return.

So let's say I get $600 in payments from Etsy, and I owe $300 in fees. I then take the remaining $300 and "give it" to my dad (he does pay me, so we just take that $300 off of what he owes me). He doesn't claim the money he pays me, and I don't claim it as income. I think of it as a gift, lol.

I just don't want to lie and get myself in trouble because I say I have income but I don't file taxes from it since the money is for our business, and my dad files taxes for that on his own.

[Anonymous]

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@Anonymous wrote:

I am currently a sophomore in college. I have had a credit card since May of 2013, a month before I graduated high school (I was 18). I got a Discover Student It (or something like that) card. I also got a Victoria's Secret store card that I really never use.

My credit score is 743. I do automatic payments of the full statement balance, so I never pay interest and my payments are never late. 

I want to get another card, specifcally a Visa or a Mastercard. In the 22 months of having a credit card, I have made a purchase in all but 3 months, and that hasn't happened since July of 2014. As of right now I have it linked to our Etsy business account, so I'm making some fairly large payments on it. $300 was my last bill a couple days ago.

I have a lot of money in the bank, and by a lot, I mean over $10,000. I don't have a "job". I work for my dad, and in return he pays for my college and all that stuff.

I want to get another card. I have applied for cards in the past, and have been denied due to the fact that my income is didly squat. I understand that, but considering my excellent credit history with Discover, and how much I have in the bank, I am surprised I haven't gotten a card. I don't even know if a Student card would accept me since I have "no income".

So, with that all being said, I know I can have my parents cosign for me. They have excellent credit history, always paying in full on time (we have 0 debt). I know their credit lines are insanely large. I want to get a card that has the  ability for them to cosign with me, so I build more credit as an adult. I also want a credit card that has a higher credit limit than $750, as my Etsy payments are getting larger and larger. (Each time I make a successful payment, they increase my fee threshold, so I will make a $400 payment next time.)

Thanks in advance for suggestions either for me getting my own card (becuase some how I got one from Discover and VS), or cosigning with my parents.

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I understand your frustration that you can't get another card.  Sadly, without a reportable income it's extremely difficult, if not impossible, to get a credit card in your own name. The Discover card you have is specifically designed for newcomers to credit.  For that card and the Avs card you still had to have listed some income.  What did you put?

As for your parents cosigning there really aren't a lot of options there either.   I think only Discover allows co signers but there might be other options but none of the major banks do.  One possibility for you would be to take some of your money in the bank and open a secured Visa or Mastercard that will eventually graduate like the Bank of America card.

[Anonymous]

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@Anonymous wrote:

Can I list the Etsy as "income" even though it's really not? I don't file a tax return.

So let's say I get $600 in payments from Etsy, and I owe $300 in fees. I then take the remaining $300 and "give it" to my dad (he does pay me, so we just take that $300 off of what he owes me). He doesn't claim the money he pays me, and I don't claim it as income. I think of it as a gift, lol.

I just don't want to lie and get myself in trouble because I say I have income but I don't file taxes from it since the money is for our business, and my dad files taxes for that on his own.

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You should only include income that is provable, typically with tax returns.  Do not lie on your application. Not worth the consequences

[Anonymous]

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@Anonymous wrote:

I understand your frustration that you can't get another card.  Sadly, without a reportable income it's extremely difficult, if not impossible, to get a credit card in your own name. The Discover card you have is specifically designed for newcomers to credit.  For that card and the Avs card you still had to have listed some income.  What did you pit?

As for your parents cosigning there really aren't a lot of options there either.   I think only Discover allows co signers but there might be other options but none of the major banks do.  One possibility for you would be to take some of your money in the bank and open a secured Visa or Mastercard that will eventually graduate like the Bank of America card.

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I said $500 a year, which is what you can make before you have to pay taxes (maybe it's more than $500, I played it safe).

I'm not sure I understand what you mean by taking some of my money and open a secured card. What does that mean?

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Can I list the Etsy as "income" even though it's really not? I don't file a tax return.

So let's say I get $600 in payments from Etsy, and I owe $300 in fees. I then take the remaining $300 and "give it" to my dad (he does pay me, so we just take that $300 off of what he owes me). He doesn't claim the money he pays me, and I don't claim it as income. I think of it as a gift, lol.

I just don't want to lie and get myself in trouble because I say I have income but I don't file taxes from it since the money is for our business, and my dad files taxes for that on his own.

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You should only include income that is provable, typically with tax returns.  Do not lie on your application. Not worth the consequences

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That is what I thought. I said I made $500 a year on my other applications since I can say that without having to pay taxes. It worked for Discover. Definitely would never lie, I don't need to go to jail.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I understand your frustration that you can't get another card.  Sadly, without a reportable income it's extremely difficult, if not impossible, to get a credit card in your own name. The Discover card you have is specifically designed for newcomers to credit.  For that card and the Avs card you still had to have listed some income.  What did you pit?

As for your parents cosigning there really aren't a lot of options there either.   I think only Discover allows co signers but there might be other options but none of the major banks do.  One possibility for you would be to take some of your money in the bank and open a secured Visa or Mastercard that will eventually graduate like the Bank of America card.

---

I said $500 a year, which is what you can make before you have to pay taxes (maybe it's more than $500, I played it safe).

I'm not sure I understand what you mean by taking some of my money and open a secured card. What does that mean?

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A secured card is where you use your own money as collateral to open a credit account.  For example, you put $500 with the bank and they then give you a credit card with a limit of $500.  The more you are willing to put up the larger your limit.  The money is still yours and will be returned to you when you either close the account or the card is unsecured. Secured cards are a very good way at establishing more credit and establishing a relationship with a bank.  Hope this explains it.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I understand your frustration that you can't get another card.  Sadly, without a reportable income it's extremely difficult, if not impossible, to get a credit card in your own name. The Discover card you have is specifically designed for newcomers to credit.  For that card and the Avs card you still had to have listed some income.  What did you pit?

As for your parents cosigning there really aren't a lot of options there either.   I think only Discover allows co signers but there might be other options but none of the major banks do.  One possibility for you would be to take some of your money in the bank and open a secured Visa or Mastercard that will eventually graduate like the Bank of America card.

---

I said $500 a year, which is what you can make before you have to pay taxes (maybe it's more than $500, I played it safe).

I'm not sure I understand what you mean by taking some of my money and open a secured card. What does that mean?

---

A secured card is where you use your own money as collateral to open a credit account.  For example, you put $500 with the bank and they then give you a credit card with a limit of $500.  The more you are willing to put up the larger your limit.  The money is still yours and will be returned to when you either close the account or the card is unsecured. Secured cards are a very good way at establishing more credit and establishing a relationship with a bank.  Hope this explains it.

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Yes, thank you, it does explain it. How does one go about getting the card unsecured after a certain amount of time? Would I have to go to my bank and set this up, or another agency?

I have also heard Credit Unions are really good about cards and even cosigning, is that true? Anyone know?

[jbsea]

You could also look at Capital 1 and US Banks Student Cards.  My daughter has had the same problem.  I ended up just putting her on as a au on my visa.