Got denied for a credit card. “insufficient income compared to debt.”?

Hanna P: Got denied for a credit card. “insufficient income compared to debt.”?
Well, I can’t exactly remember the wording. But, I’m a student and have government student loans… No duh my income is insufficient, I don’t have a job. I pay for school with FAFSA loans. So obviously my income is too low compared with my debt. I have a great credit score though.
I’m just wondering if there is way I can get a credit card, or will I always get denied? I don’t need one, I just want one to build my credit. How can I build my credit if I can’t get a card?
Thanks!
As I said, I want a card to build credit. I’m graduating and getting married soon and I think it would be a good idea. I have enough money from other sources to pay off my bills on time, no problem
Oh yes, I forgot to mention. I’m getting My Bachelors of Science in Nursing…. So I will have no problem finding a job. Plus, unlike other people, I will not accumulate debt on any credit card. I will be able to pay my bills the moment I get them. It’s not like I plan on going crazy if I get a card, just purchase a few small items on the card, like gasoline, so it will be a simple thing to pay it off. I did not ask this question to get scrutinized, I’m not a stupid college student. I was asking a serious question and expect serious answers… Which I have not received. All I want to know is if there is a way for me to get a credit card, or if I need to pay off my loans before that is an option. I have managed my money quite well, hence, the need to not have another job until I graduate, thank you very much.

Answers and Views:

Answer by KayleaF
If you don’t have a job you probably won’t get a credit card.
And why would you want one with no job?! A dangerous decision!

Answer by Todd S
This is a common problem…a bit of a catch-22 really…chicken vs. egg…etc.

Basically the best move is to go to your local bank/credit union where you checking/savings accounts are and ask them to open up a credit card. This is the best way to establish credit, even if they give you a tiny credit line. If they won’t offer one, look into student credit cards, which are more forgiving of your situation. Finally, there are secured credit cards, but those typically cost money, and since you don’t need it, it’s probably not worth paying for.

Answer by CatDad
The days of college students getting credit cards like candy are over. You need to have a qualifying income and/or cosigner.

Answer by Huntsman
You have a checking account right?
Get a secured card with that bank.
Note: This will not turn into a credit card until you are 21 and have a job.
Replace the money in full each month – no games that can destroy your credit.
And yes, you need steady income to get a credit card – at least one year

Note: You don’t really need credit in life
Many people buy their first homes or first cars without any credit.
They have the solid employment and a nice down payment

Answer by Ryan M
If you are a student, you do NOT have a great credit score. No one under 25 has a “great” credit score. Second, if you have insufficient means to pay a credit card bill…then why should they give you one? That is a recipe for disaster. No job = no credit card. You build credit when you can AFFORD credit.

Answer by Summer Winds
First you do not build credit with a credit card. That is a dirty lie. The only thing that will happen to you with a credit card is you will get in more debt that you cannot afford to repay. Then they will double your interest rate and it will take 5 to 15 years to get out of debt. In the mean time, you will graduate and go job hunting. Every potential employer who gives you serious consideration will immediately do a credit check. Once they see your debt and problems (all made 10 times worse because of a credit card) they will absolutely not hire you – ever.

Right now you do not have a card. You should throw a party for yourself and celebrate. Nearly 3 out of every 4 people in your age group desperately wish they were you. At a time when they should be enjoying the fruits of hard work in school they are chained to debt that prevents them from getting a job and is ruining any chance they might have had for a good shot in life.

At your age, the absolute golden perfect credit history is no credit history.

Answer by BungalowMo
You may not like the answer, but people who have NO income should not be extended any lines of credit, ever.

School loans are a different story. They are banking on the fact that your education will assist in gainful employment. They’re pretty much rolling the dice that you’ll get a job when you graduate. And pay them when the loans come due.

Answer by StephenWeinstein
If you keep applying for credit cards when you do not already have one and you have yet built your credit, then you will always get denied.

To build your credit, you need to
1) Stop applying
2) Deposit money at a bank that offers secured credit cards to depositors without credit or income
3) Get a secured credit card from that bank
4) Build your credit with that card (and pay off your loans or get a job) before you apply again

Answer by Ben
Get a secured credit card first. Or, if you have a spouse or parent who trusts you, get them to add you on their card, or cosign for you. That is pretty much the only way you are going to pull it off until you can get your debt ratio down.

My wife is a registered nurse by the way =).

You are making a great decision by starting to build your credit now. By the time you graduate nursing school, you will be in a great position to get a home, car, etc. etc. with established credit and a secure job.

2 resources you may be interested in are listed below: