Student credit card
Dec 28, 2013, 7:01 pm
#16
Join Date: Aug 2010
Location: LAS, MPL
Programs: DL Platinum, 1 MM
Posts: 1,321
Just FYI, cancelling a card does not automatically hurt your average age of accounts, it stays on your record for 10 years even after cancellation.
Dec 28, 2013, 8:20 pm
#17
Join Date: Sep 2013
Location: SNA/LAX
Posts: 1,407
Quote:
Originally Posted by tigerhunt2011
As opposed to starting with a card you'll later want to cancel, thus hurting your average age of accounts, one of the primary factors of FICO scores.
Just FYI, cancelling a card does not automatically hurt your average age of accounts, it stays on your record for 10 years even after cancellation.
Originally Posted by tigerhunt2011
As opposed to starting with a card you'll later want to cancel, thus hurting your average age of accounts, one of the primary factors of FICO scores.
Just FYI, cancelling a card does not automatically hurt your average age of accounts, it stays on your record for 10 years even after cancellation.
Not only that, but I would never suggest canceling a card that has no annual fee for this reason. I still have my Journey card for this reason, I just don't do much with it but a necessary charge to keep it active.
Dec 29, 2013, 3:48 am
#19
Join Date: Dec 2013
Posts: 260
Not sure if this card falls into the student type as the cards I'm referring to caters to students like my son who is 18 and have no income or little income if you count the allowance we give him. Bottom line is cards that have the best chance of application approval with no credit history and little to no income. Not sure if Amex Blue falls into this category
Dec 29, 2013, 7:52 am
#20
Join Date: Dec 2012
Posts: 498
The default offer now is straight 1% on everything (and that in TYP) so unless you can get the 5%, this isn't an attractive card (Cap One Journey is better for example).
Not sure about "avoid Cap One and Discover at all costs" The Cap One rewards really aren't all that poor for those wanting cash back
Not sure about "avoid Cap One and Discover at all costs" The Cap One rewards really aren't all that poor for those wanting cash back
Just confirmed what you said for new applicants.
that stinks!
Dec 29, 2013, 8:08 am
#21
Join Date: Sep 2013
Location: SNA/LAX
Posts: 1,407
Seems like we may have lost the OP, but I am interested to know if she has anything currently listed on her credit report, such as student loans?
Alternative credit may help her be approved for an AMEX, but I wouldn't waste a hard pull with AMEX if I had no credit history whatsoever.
Even if people knock my Discover/CO option, I still believe the OP (or any student for that matter) should have a personal revolver (unsecured/$0 AF) and, if their parent's allow (even if they can't use it), an AU on an AMEX card. IMHO, it covers all basis for additional apps and changes to better cards in 6 months-year or whenever income suffices.
Therefore, when they move on to reward CC's and so forth, that original card does not ever have to be closed or even downgraded, and only helps the AAOA of the student.
It does allow the student to either transfer some/most of the credit limit to the new cards, or in Capital One Journey's case, convert it to a Quicksilver and get an additional .5% back.
Alternative credit may help her be approved for an AMEX, but I wouldn't waste a hard pull with AMEX if I had no credit history whatsoever.
Even if people knock my Discover/CO option, I still believe the OP (or any student for that matter) should have a personal revolver (unsecured/$0 AF) and, if their parent's allow (even if they can't use it), an AU on an AMEX card. IMHO, it covers all basis for additional apps and changes to better cards in 6 months-year or whenever income suffices.
Therefore, when they move on to reward CC's and so forth, that original card does not ever have to be closed or even downgraded, and only helps the AAOA of the student.
It does allow the student to either transfer some/most of the credit limit to the new cards, or in Capital One Journey's case, convert it to a Quicksilver and get an additional .5% back.
Dec 29, 2013, 10:57 pm
#23
Join Date: Dec 2013
Posts: 260
Let us know how it turned out and supply some data about the application as I am in the same situation as you.
Data such as any credit history, was your kid an AU card holder previously, any income entered etc.
Good luck as I hope it gets approved.
Dec 30, 2013, 9:09 am
#24
Moderator: Travel Buzz
Join Date: Aug 2012
Location: Sunny San Diego
Posts: 3,099
She has been an AU on my Amex for about a year. I believe you can add a minor who is 16 or older to the Amex. FYI-My 15 year old is an AU on a Chase card.
I put income as $8000 per year (she works at McDonalds), and other income as $2400 a year. Housing cost 0.
She's already been turned down for a Chase Freedom, even though she has a checking account with them. They cited "lack of credit history" as the reason.
Chase suggested a gasoline or store credit card, which will be the next move if this Discover card gets turned down. Maybe we should have done an AOR for this and included a gasoline and Hollister card!
Dec 30, 2013, 10:13 am
#25
Join Date: Apr 2009
Programs: AA, UA.
Posts: 291
Data point
My daughter was turn down Chase Freedom with lack of history last year. I then help her to apply the Citi Forward card for college student. She got approval for that card last year. I add her as the authorize user on some of my card.
On November 2013, I help her to apply the Chase Freedom, this time she got approve after we send out the info they request. with 4K credit line.
Both card without annual fee, she will keep both card.
My daughter was turn down Chase Freedom with lack of history last year. I then help her to apply the Citi Forward card for college student. She got approval for that card last year. I add her as the authorize user on some of my card.
On November 2013, I help her to apply the Chase Freedom, this time she got approve after we send out the info they request. with 4K credit line.
Both card without annual fee, she will keep both card.
Dec 30, 2013, 8:39 pm
#26
Join Date: Dec 2013
Posts: 260
Data point
My daughter was turn down Chase Freedom with lack of history last year. I then help her to apply the Citi Forward card for college student. She got approval for that card last year. I add her as the authorize user on some of my card.
On November 2013, I help her to apply the Chase Freedom, this time she got approve after we send out the info they request. with 4K credit line.
Both card without annual fee, she will keep both card.
My daughter was turn down Chase Freedom with lack of history last year. I then help her to apply the Citi Forward card for college student. She got approval for that card last year. I add her as the authorize user on some of my card.
On November 2013, I help her to apply the Chase Freedom, this time she got approve after we send out the info they request. with 4K credit line.
Both card without annual fee, she will keep both card.
Thanks for the info. May I ask what info Chase requested for you to send our before finally approving the card?
Dec 30, 2013, 8:49 pm
#27
Join Date: Dec 2013
Posts: 260
It's still pending. I"ve uploaded proof of enrollment 3x and it seems quirky. So make sure you have your child's grades, enrollment info or other proof of enrollment in hand/ready to upload when you apply.
She has been an AU on my Amex for about a year. I believe you can add a minor who is 16 or older to the Amex. FYI-My 15 year old is an AU on a Chase card.
I put income as $8000 per year (she works at McDonalds), and other income as $2400 a year. Housing cost 0.
She's already been turned down for a Chase Freedom, even though she has a checking account with them. They cited "lack of credit history" as the reason.
Chase suggested a gasoline or store credit card, which will be the next move if this Discover card gets turned down. Maybe we should have done an AOR for this and included a gasoline and Hollister card!
She has been an AU on my Amex for about a year. I believe you can add a minor who is 16 or older to the Amex. FYI-My 15 year old is an AU on a Chase card.
I put income as $8000 per year (she works at McDonalds), and other income as $2400 a year. Housing cost 0.
She's already been turned down for a Chase Freedom, even though she has a checking account with them. They cited "lack of credit history" as the reason.
Chase suggested a gasoline or store credit card, which will be the next move if this Discover card gets turned down. Maybe we should have done an AOR for this and included a gasoline and Hollister card!
Thanks for the data. I will cross my fingers for you also
Also thanks for the informative info on getting a store card if all else fails. Definitely will give it a try as an alternative option.^