Credit Cards For People With Low Income & No History?

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Shmouzer
 
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Credit Cards For People With Low Income & No History?

Postby Shmouzer » Sun Sep 29, 2013 2:37 pm

I don't have any credit history but I make about $21,000 a year. I'm also in my 4th year of college. I've been meaning to get a credit card just to start building some credit, but never applied for one until recently.

I received a Discover app in the mail and assumed that it would be easy to get approved since they were the ones inquiring for me to apply. I was wrong and received a rejection letter because of my lack of credit history.

Any credit card that would be likely to approve me with my low income and lack of credit history?

Thanks ahead of time.


mdl28
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Postby mdl28 » Sun Sep 29, 2013 8:11 pm

What was you credit score on the denial letter from discover card?
MDL

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thecentury303
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Postby thecentury303 » Sun Sep 29, 2013 9:30 pm

A few months ago, you can apply for Capital One Cash Rewards for Newcomer but it is not available anymore. So the best bet now might be a student card or a local credit union card (if you have one). Otherwise, a secure credit card.
My family:
Capital One Cash Rewards for New Comer: $1500 (09/12)
Local Credit Union: $1,500 (10/12), Chase Freedom: $1,500 (04/13), Discover IT: $1,800 (04/13)
AMEX Gold Charge Card: NPSL (06/13), AMEX BCE: $6,000 (06/13)
Chase United Explorer: $6,000 (10/13), Chase Ink Cash: $3,000 (10/13), Barclays Arrival Platinum: $3,000 (10/13)

ivotedale
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Postby ivotedale » Mon Sep 30, 2013 1:44 am

Another vote on the student card, since the Newcomer's card isn't available anymore.

I too started out w/ the Newcomer's card (even though I've been in the US for 20+ years), worked part time at the time of application (making less than $20k/ year) and eventually built up to an Amex and higher-tier cards. Again, your options are the student versions, a secured credit card, local credit union, or perhaps a card from your bank if you have a longer relationship w/ them.

There really isn't another way unless you were an authorized user on another parents' card, had an auto loan, etc.
Currently: American Express Blue Sky, American Express Zync, Chase Freedom Visa, Capital One Newcomers--->converted to Capital One Quicksilver Mastercard NO AF

beef.stu
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Postby beef.stu » Mon Sep 30, 2013 2:35 am

did you apply for the regular or student version of the discover card?
(01/10) - Wells Fargo VISA Platinum
(05/10) - Techron Advantage
(10/12) - Amex BCE
(02/13) - Chase Freedom VISA
(09/13) - Discover It
(03/14) - Sallie Mae WMC
(09/15) - Citi Double Cash WEMC
(09/16) - US Bank Cash+ VISA Signature

takeshi
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Postby takeshi » Mon Sep 30, 2013 10:40 am

Shmouzer wrote:I received a Discover app in the mail and assumed that it would be easy to get approved since they were the ones inquiring for me to apply.

Keep in mind that even preapproved offers aren't guaranteed. I'd also recommend secured and/or credit union.

Shmouzer
 
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Postby Shmouzer » Mon Sep 30, 2013 3:32 pm

I believe it was a regular discover card.

As for the credit score written on the denial letter, I don't remember.

Since the newcomers card is not longer available is there particular student cards I should apply for?

thecentury303
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Postby thecentury303 » Sat Oct 05, 2013 6:36 pm

Shmouzer wrote:I believe it was a regular discover card.

As for the credit score written on the denial letter, I don't remember.

Since the newcomers card is not longer available is there particular student cards I should apply for?


Does your school have any affiliated credit union? It should be much easier for you.
My family:
Capital One Cash Rewards for New Comer: $1500 (09/12)
Local Credit Union: $1,500 (10/12), Chase Freedom: $1,500 (04/13), Discover IT: $1,800 (04/13)
AMEX Gold Charge Card: NPSL (06/13), AMEX BCE: $6,000 (06/13)
Chase United Explorer: $6,000 (10/13), Chase Ink Cash: $3,000 (10/13), Barclays Arrival Platinum: $3,000 (10/13)

DoingHomework
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Postby DoingHomework » Sat Oct 05, 2013 11:41 pm

It used to be that cards scrambled for college students. You might look at a bank that has an affiliation with your school. You might find them at your student union or elsewhere on campus.

You situation is not unusual and your income is decent for a college student. I am surprised you were denied.

the_one092001
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Postby the_one092001 » Sun Oct 06, 2013 3:10 am

DoingHomework wrote:It used to be that cards scrambled for college students. You might look at a bank that has an affiliation with your school. You might find them at your student union or elsewhere on campus.

You situation is not unusual and your income is decent for a college student. I am surprised you were denied.


Once upon a time, they might have. But that seems to be no more. I was denied the first time I applied for my Bank of America Student Platinum card back in my freshman year. I got it later when my parents cosigned, but even then, one would have imagined that a student card, with no rewards or other enticements toward reckless spending, would be easier to get approved for.

It might be getting better nowadays though. Market's picking up overall, and things are certainly looking better economically than they did during the peak of the recession (when I applied) and the banks were teetering on bankruptcy.



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