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freckles's avatar

What credit card can a student get with no credit history but solid work?

Asked by freckles (363points) February 5th, 2010

I work a ton of hours and make decent money, but being a student I have no credit history, and also no one willing to co sign who has good credit. Are there any credit cards I could get approved for? I’m trying to get one that would have a 1000 dollar limit at least.

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17 Answers

misterx's avatar

Go to whatever bank you use and talk to them. Most have student credit cards that start with low limits, which means low risk for them, so they use them to help build students’ credit. As long as you use it smartly for 6 months or so and keep all your payments up to date you will have built enough credit for either a higher limit or another card.

babaji's avatar

Capital One

p8prclip's avatar

If you work a ton of hours and make decent money why would you want a credit card? I suggest a debit/credit that you can only use if you have funds in the bank. Take it from someone who has been in your shoes…save 10% every check and in 5 years you will see what I’m talking about. If you do the math and see the difference between that amount you pay in interest(for whatever you think you need now)...and how much interest you have gained(from a savings account), and then add that amount back into savings. Compound interest can make you a rich person later in life if you make wise choices now:)

Tenpinmaster's avatar

You can get a secured card and most companies have student credit cards you cam aquire. It’s a lot harder to get a care though these days with the tough economy. But shop around! :) no credit is better then bad credit

lilikoi's avatar

@freckles Ugh I got a Capital One Platinum as my first card and now regret it. They are such a pain in the ass. Try the AMEX Blue Card. Unlike Cap One, they are not as stingy with their limits, they do not call you incessantly, and they do not randomly pick your payment due dates to keep you on your toes guessing. On the flip side, they are AMEX, not MasterCard or Visa, and are not accepted everywhere so you should always have cash or debit card or wealthy boyfriend on hand as backup.

@p8prclip ”...why would you want a credit card?” Why wouldn’t you??? Yes, I think the whole credit industry is a giant sham-slash-get-richer-quick-scheme-for-the-already-wealthy. But honestly, unless you’re planning on becoming a monk and holing up in a mountain for the rest of your life, it pays to have a credit history and it pays even more to have a long credit history. Because your credit score is penalized for short credit history. You can’t get a mortgage, or any other loan, at a good interest rate without a credit score. So, @freckles, don’t listen to this dude. Get thee a credit card pronto, just make sure to always pay the bill on time.

p8prclip's avatar

This dude has great credit, owns a house, has a Cadillac XLR in the garage and money in the bank…I am trying to give sound advice. If you are using credit to start a business that’s different then buying a new flat screen.

lilikoi's avatar

I’m happy for you. As someone that has good credit surely you recognize the importance of establishing it early on. What makes you think the OP won’t spend responsibly? You don’t need to go into debt to build a credit history.

p8prclip's avatar

Yes I do. I got a card fresh out of college and before I knew it I was maxed at $2500…a hard lesson, but at the same time I was building credit. What I’m getting at with a credit/debit is you are not spending money that you don’t have. You are not accruing interest, and you are improving your credit at the same time.

lilikoi's avatar

But you’re not improving your credit with a debit card because you’re not borrowing money with a debit card, you’re simply using your own. If you’re not spending money you don’t have, i.e. borrowing, then you’re not building credit.

Not everyone maxes their credit cards out when they first get them. I, too, got my first card when I finished college and haven’t had any problems. My credit score is a 720 – and I’m being penalized for a short history! I absolutely regret not getting one sooner.

If you can’t control your expenses, then no you’re not ready for a credit card, but the OP didn’t give any hint that this is the case. For a responsible person, you should get a credit card ASAP, and just use it wisely.

Seriously, if I ever have kids, I’m getting them a credit card as soon as I leave the hospital, and shelving it for 20 years so that when they want to buy real estate at my age, they have an excellent credit score and can secure a decent interest rate.

john65pennington's avatar

Forget credit cards, altogether. go to a bank and open a checking account. the bank will send you check and a debit card. have a direct deposit of your money and pay for everything in cash. be sure to keep your check register up to date. this is the proper way to stay out of debt. if you do not have the cash, then save until you do. credit cards are plastic suicide for a lot of people. this is why the bankruptcy courts are loaded with people filing bankruptcy. avoid credit cards. but, if you must have one, make it just one for emergencies. pay the balance at the due date, plus 10%. the bank where you have your checking account would more likely issue you a card, than anyone else, since you now have a checking account with them. no more than one card and handle it like its a stick of dynamite. take care of it, its your future.

p8prclip's avatar

A credit/debit card can be used as credit even though you have to have money to back it, and it is recorded as credit.

onesecondregrets's avatar

You said $1000 minimum but I’m just giving my two cents ‘cause I was in the same position not too long ago. I have a checking account with Chase bank and a debit card- they denied me for one of their basic credit cards then I applied for the student Karma Points card- I was approved, the only thing is it’s only a $300 limit. But I got the card in the first place just to establish credit so that didn’t matter. The payment dates are easily obligable, and there’s only a $10.00 minimum payment if even that. If you have any accounts at a certain bank, try applying for one through them as you have a history with them and if its a goodstanding one, maybe be more likely to be approved for a card because I applied for an array of cards at different banks and all were denied because lack of credit history. It’s a pain in an ass to be in this position, understand your paaain.

Pazza's avatar

If you make a ton of money, why do you want a credit card?

If your really sensible with money, then the convienience of a credit card would be understood, but then again, why not just debit?

A slippery slope is the world of credit.

p8prclip's avatar

that’s what I’ve been trying to say! :)

Silhouette's avatar

Right now you can get any number of credit cards. Go to any bank and sign up for one. Get one with no annual fee, don’t worry too much about the interest rate. Charge small amounts every month and pay it off every month, this will increase your limit and lower your interest rate in time. Use it very responsibly and you will be courted by other credit card companies.

freckles's avatar

hahaha, O my the relativity of the term decent money. I mean decent enough that I could be reasonably trusted to be able to pay my payments. Not that I have extra cash lying around. Thanks for all the advice ya’ll.

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