I am a full time college student. I currently have ONLY a $600 limit Bank of America student credit card. I had the card for about 3 years. According to creditkarma, my credit score is ~745. Why was I rejected for requesting a higher limit line? I got rejected 2 times (I requested it a few months apart). I pretty much stopped using the credit card and just have a few subscriptions with automatic payments setup on that. What am I doing wrong? I got declined for an actual credit card for Bank of America.

I was a student a couple of years ago too. I don't know the exact reason why you got denied, but I think having multiple cards helps. Like you, I started with a student card, and exactly 6 months later, applied for a higher end card (Amex) and got approved. I had just two cards for almost 2 years, always making payments on time, and since then I've applied for several high end cards and I've been approved each time
Your credit score is important, but according to me, the number of accounts in good standing is important too.That way, lenders know that you can handle multiple accounts in a responsible way. Again, I'm a relative newbie compared to the veterans here, so this is just my two cents. Good luck!

Welcome to FlyerTalk, twomuchwork!

I don't know why the company denied you a credit-limit increase. Building upon the suggestion by worldcitizen25, you might apply for a non-student card through your campus credit union. That would give you a second card.

It's very good that you have started building your credit history young, since that age is one of the factors of your credit score later.

Maybe it is just Bank of America. SHould I apply for an AMEX?

You need more cards to build up with. Try getting some store-sponsored cards like a Chevron card or Macy's card. Traditionally that's a good way for students to build up credit worthiness.

It's not just your credit score that determines your credit limit - it's also your income. Banks have become much stricter in terms of the total amount of credit they will allow based on people's income.

Hello Twomuchwork,

When you got rejected you must have given a reason in writing. Did you try to talk with them and reason to see if they could re consider. Also may be BOA is a bit strict but explore other options like Chase and Citi. Never had BOA , only Citi,Chase and Amex.

Also , I always add my roommate's income but made it reasonable to show annual income of household.

Give a gap for some time before you apply for another, too many rejections will only look -ve and deterrent in future.


Dracs

You may need to establish more credit history. More cards and cc usage.

Are you or anyone in your family connected to the military in any way? If so, you might be eligible to get a card through USAA. They were my first credit card (as a student with little income) and have been good to me since. Worth looking into if you are eligible! Good luck!

Just another data point,

My friend with no credit history was recently approved for Citi dividend platinum select mastercard for college students. Its pretty useful.

When I was student capital one was the first one to accept me with no credit history. Try the orbitz capital one, might be advantageous on the long run if you travel often. 3 points per $1 on money spent on orbitz.com, it comes in handy with those high season costly transatlantic flight, rewards really would get there faster.

How does a credit rating agency know your income level? based on credit limits? Or does the IRS share that info?

You supply it.

First off, I am not a financial advisor and never would suggest that I am. Back in the dark ages when I was a student, I was told the best way to increase my credit limit was by paying for credit.

That is to say, Charge on your card but don't pay off everything each month (at least while starting out) Pay all but, say, $20 each month for about 3 to 4 months. That will generate a few dollars in interest. The issuing company will then have a record of you actually paying for the money that you are using. (Look up the old adage about banks wanting to loan to those who don't need it.) After about three months of paying a minimal interest, call the company and ask for an increase in the credit limit. Should have no problem. Then, after getting the increase in the credit limit, go back to paying off the card each month.

Then you should be able to get more cards since you now have a payment history that shows that you have used the credit that you have and are willing to pay for it.

Again, just my experiences from lo those many years ago.

IMHO, not so. The creditors (other than the reporting creditor) have no idea as to whether or not you pay off your bill in full or you don't. The bureau reports do not contain this information.

What counts is "paying as agreed." That is, you never miss at least the minimum payment on your various accounts (obviously, it would be best, interest wise, to pay in full each month).

Then, each account will be reported "paid as agreed" and your credit will be golden and the miles will come pouring in.