Getting another credit card - impossible

[kjel]

Effectively a creditor extends your credit based on your ability to repay and your payment history. If one or both of these is an issue you are viewed as a risk.

While you have started down the right path you likely aren't going to get much in the way of credit until you have regular, reportable income. The $10K you have in the bank doesn't make a difference to most credit card issuers.

Work on growing the card you have now and apply for a secured card using some of your $10K.

[Anonymous]

Thank you everyone for the advice. I will look into the secured card option. As long as it builds my credit like normal, I don't have an issue with putting a cash amount down.

I want a higher credit limit than $750, and I don't see Discover letting me raise that. They say you have to make $10,000 or more a year unless you're a full time student (which I am), but if I tell them I "make" $500 a year, they'll laugh. Even though I have almost 2 years of amazing credit history with them. Oh well.

[Anonymous]

I'll play the part of the dour, fuddy-duddy, killjoy.

OP is already building credit nicely. Paying to tote around a secured card seems like a waste to me. I think OP is better off earning $100 with his savings than paying $29 (or whatever) to implement a credit workaround. OP did not say he was having trouble with Discover acceptability.

The solution is simple. J-O-B. Earn some reportable income and apply for a V/MC. Bet OP would then have no problem securing one given the FICO scores.

[Anonymous]

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@Anonymous wrote:

I'll play the part of the dour, fuddy-duddy, killjoy.

OP is already building credit nicely. Paying to tote around a secured card seems like a waste to me. I think OP is better off earning $100 with his savings than paying $29 (or whatever) to implement a credit workaround. OP did not say he was having trouble with Discover acceptability.

The solution is simple. J-O-B. Earn some reportable income and apply for a V/MC. Bet OP would then have no problem securing one given the FICO scores.

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OP is a girl, but no problem.

I would not pay a fee for a secured card, that's for sure. It must be free (besides the caseh I put down to secure it).

I don't have a job, and no intentions of getting one right now. I "work" for my dad on his business, and go to school full time. That's enough for me. If my dad needed to hire an employee and claim me on taxes, I will file taxes too.

[Anonymous]

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@Anonymous wrote:

I'll play the part of the dour, fuddy-duddy, killjoy.

OP is already building credit nicely. Paying to tote around a secured card seems like a waste to me. I think OP is better off earning $100 with his savings than paying $29 (or whatever) to implement a credit workaround. OP did not say he was having trouble with Discover acceptability.

The solution is simple. J-O-B. Earn some reportable income and apply for a V/MC. Bet OP would then have no problem securing one given the FICO scores.

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Maybe you missed it but the OP is a sophomore in college.  That alone can severely limit job possibilities and certainly one to earn enough income to qualify for a card.  In their position, a secured card is absolutely the best option if they want to add to their credit lineup.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I'll play the part of the dour, fuddy-duddy, killjoy.

OP is already building credit nicely. Paying to tote around a secured card seems like a waste to me. I think OP is better off earning $100 with his savings than paying $29 (or whatever) to implement a credit workaround. OP did not say he was having trouble with Discover acceptability.

The solution is simple. J-O-B. Earn some reportable income and apply for a V/MC. Bet OP would then have no problem securing one given the FICO scores.

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OP is a girl, but no problem.

I would not pay a fee for a secured card, that's for sure. It must be free (besides the caseh I put down to secure it).

I don't have a job, and no intentions of getting one right now. I "work" for my dad on his business, and go to school full time. That's enough for me. If my dad needed to hire an employee and claim me on taxes, I will file taxes too.

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I think the VS card gave it way 😀

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I'll play the part of the dour, fuddy-duddy, killjoy.

OP is already building credit nicely. Paying to tote around a secured card seems like a waste to me. I think OP is better off earning $100 with his savings than paying $29 (or whatever) to implement a credit workaround. OP did not say he was having trouble with Discover acceptability.

The solution is simple. J-O-B. Earn some reportable income and apply for a V/MC. Bet OP would then have no problem securing one given the FICO scores.

---

OP is a girl, but no problem.

I would not pay a fee for a secured card, that's for sure. It must be free (besides the caseh I put down to secure it).

I don't have a job, and no intentions of getting one right now. I "work" for my dad on his business, and go to school full time. That's enough for me. If my dad needed to hire an employee and claim me on taxes, I will file taxes too.

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I think the VS card gave it way 😀

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That's what I thought, but no harm, no foul.

[Themanwhocan]

You have 2 credit cards, I don't see why you need more at this time in order to build a credit history.

What you need is a job. A part time, student job. Working for your parent isn't a job. Its not counting towards your number of years of work when Social Security starts calculating your benefits when you retire. Your 'job' isn't being reported to the IRS. Its not building a good job history for the resume you'll need to write when applying for your first full time job.

You must realise that when you apply for a full time job, they will want to check your references. And your parents can hardly be expected to give an unbiased review of your work. Whereas even the manager at a burger joint can give a glowing review of how reliable you are, how you volunteer to fill in when co-workers are out sick, how well you do your job, etc.

Your parents, and their brothers and sisters, and all their friends had to do the same thing when they were your age. This isn't really going to come as a surprise to them.

[Anonymous]

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@Themanwhocan wrote:

You have 2 credit cards, I don't see why you need more at this time in order to build a credit history.

What you need is a job. A part time, student job. Working for your parent isn't a job. Its not counting towards your number of years of work when Social Security starts calculating your benefits when you retire. Your 'job' isn't being reported to the IRS. Its not building a good job history for the resume you'll need to write when applying for your first full time job.

You must realise that when you apply for a full time job, they will want to check your references. And your parents can hardly be expected to give an unbiased review of your work. Whereas even the manager at a burger joint can give a glowing review of how reliable you are, how you volunteer to fill in when co-workers are out sick, how well you do your job, etc.

Your parents, and their brothers and sisters, and all their friends had to do the same thing when they were your age. This isn't really going to come as a surprise to them.

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One of the credit cards I can only use at one store. Doesn't help me.

The other one has a low credit line and I need it to be higher for the Etsy thing.

I don't have time for a "real" job right now. I know that what I'm doing doesn't count toward anything, and that's fine.

I have had jobs before, I worked at a local pizza shop and I baby sat a family for 5 years. So I have references. I know that my parents would give a biased opinion, but I do have a very successful track record for what I do. I bring a lot of business skills to the table, not like that will help me when I apply for a job in my field (biochemistry).

When my parents were teens, credit cards weren't something anyone thought of. Very few people had them. Neither of my parents went to college either (my mom went to beauty school to become a hair dresser, but that doesn't count). So being in college full time is something totally new for my whole family.

I wasn't look for a life lesson when I posted. I wanted information about cosigning credit cards so I could have a higher credit limit than $750 and still continue to build credit. A number of people suggested a secure card, and it sounds like a very reasonable thing to do. I'm not worried about finding a job and providing referrences. That is a totally different issue and has nothing to do with my original point. My main focus at this point is getting through this semester and figuring out what classes I'm going to take next semseter. I don't even know what I want to do yet, much less where I want to work.

[Anonymous]

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@Themanwhocan wrote:

You have 2 credit cards, I don't see why you need more at this time in order to build a credit history.

What you need is a job. A part time, student job. Working for your parent isn't a job. Its not counting towards your number of years of work when Social Security starts calculating your benefits when you retire. Your 'job' isn't being reported to the IRS. Its not building a good job history for the resume you'll need to write when applying for your first full time job.

You must realise that when you apply for a full time job, they will want to check your references. And your parents can hardly be expected to give an unbiased review of your work. Whereas even the manager at a burger joint can give a glowing review of how reliable you are, how you volunteer to fill in when co-workers are out sick, how well you do your job, etc.

Your parents, and their brothers and sisters, and all their friends had to do the same thing when they were your age. This isn't really going to come as a surprise to them.

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I understand your points and I don't want to go way off topic but your advice certainly doesn't apply in all situations.  We have no idea where she is going to school, her course load and how much free time she has to go work in a pizza parlor.  Depending upon the degree she is getting, what part time job she might or might have had while in college is about the least of any background that a potential employer is going to be concerned about.  There are many college grads who get very good and high paying jobs without having 'worked' during their college years..  

Its ts not up to us to decide whether she needs more credit.  She asked what she could do to get a Mastercard or Visa and the secured card is still her best option.