Credit Cards For Students With Bad Credit?

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ocbee
 
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Credit Cards For Students With Bad Credit?

Postby ocbee » Tue Oct 22, 2013 10:22 am

If you are a college student with poor credit, are there any banks that will approve you for an unsecured credit card?

I read the section on here about student cards but the author seems to infer that they are for those with little credit history. In other words that is who they will approve and not those with bad credit scores. Am I interpreting the advice correctly?

As for WHY I have jacked up credit at 20 years old is because I made some mistakes. I'm not going to lie or blame anyone for them. That said some of it wasn't something I could control entirely because I had hospital bills without insurance and my employer (fast food) didn't offer insurance and I couldn't get approved on my own bec of pre-existing conditions. I know it's technically my fault for not having coverage but what was I supposed to do.


zrussell
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Postby zrussell » Tue Oct 22, 2013 5:47 pm

I'm sorry for your medical situation. Unfortunately, many creditors won't issue an unsecured card to a college student with a rocky credit history.

I probably wouldn't waste my time applying for cards that are for students because the odds are they won't approve you. If you are really concerned with building your credit back at this point, I would save some money and apply for a secured card. I would see if your bank offers some sort of plan where after 12 months they will review your account to "upgrade" you to an unsecured card. I know Wells Fargo does this. It is a solid way to build your credit (and trust with the creditor) without having multiple inquiries. A credit union is also a good place to look for a secured card.

If you do get a secured card, stay below 30% utilization and always pay more than the minimum.

You can also try to call the place where you have the medical bills and try to negotiate a payment plan. I know hospitals are ok if you pay $5 for the rest of your life, so long as you give them something. Just some food for thought.

ocbee
 
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Joined: Tue Oct 22, 2013 10:07 am
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Postby ocbee » Tue Oct 22, 2013 10:44 pm

Thanks for the feedback. Yep the med bills are a b**** but at least I am OK from it. It was nothing too serious but from the price tag you wouldn't think that!!!

From what you said it sounds like getting approved with bad credit for a student credit card is out of the question. Man that sucks. I was hoping at least one of them would be more flexible.

If I go the secured route will they approve you even if you have terrible jacked up credit history?

Between getting on a payment plan for the bills or using that money for a security deposit on a secured account what would you say is best path to take?



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