msu_fan58: Why can’t I get a student credit card?
I applied for a student credit card from visa, I’m a student and I have a job. Theres no reason why I should be denied but I’m denied from every student credit card that I apply for because I have “limited credit history”. Well how am I supposed to get credit history if I can’t get a credit card, it makes no sense.
Answers and Views:
Answer by Judy
Are you under 21 by any chance?
New laws are passing in Janurary that no one under 21 can get a credit card without a co-signer.
Banks are responding early to these laws.
Don’t take it personally.
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The Credit Card Accountability Responsibility and Disclosure Act of 2009 is an amendment to the Truth in Lending Act. The Credit CARD Act of 2009 changes the rules regarding banks issuing credit cards to anyone less that 21 years of age.
The new law reads in part, “No credit card may be issued to, or open end consumer credit plan established by or on behalf of, a consumer who has not attained the age of 21, unless the consumer has submitted a written application … (including) the signature of a cosigner, including the parent, legal guardian, spouse, or any other individual who has attained the age of 21 having a means to repay debts incurred by the consumer in connection with the account, indicating joint liability for debts incurred by the consumer in connection with the account before the consumer has attained the age of 21; or (ii) submission by the consumer of financial information, including through an application, indicating an independent means of repaying any obligation arising from the proposed extension of credit in connection with the account.”
In other words, if you are less than 21 years of age you either need a co-signor who is 21 or older OR you need to prove that you are wealthy.
I wish you the best of luck. I hope that the information I have provided helps you Find. Learn. Save.
Best,
Bill
https://www.Bills.com
If you were denied for “every” card, that implies that you applied for more than one, which was a mistake. You are most likely to be approved if you apply little. Applying more makes it less likely that you will ever be approved.
Currently, the only type of card being issued to anyone with no credit history is a secured credit card. This may change at some time in the future. If you are not willing to have a secured credit card, then do not apply for any cards until cards that are not secured again become available to anyone without a credit history. If you want to have any credit cards before cards that are not secured again become available to anyone without a credit history, then do this:
1. Go to a bank that offers secured credit cards to depositors without a credit history.
2. Deposit money there.
3. Obtain a secured credit card from that bank.
4. Wait until the secured credit card has given you a credit history, or it is more than one year since your last application for ANY credit card, whichever is later, before you next apply for any credit card that is not secured.
start with a secured credit card. creditcardlocators can help you with what you need.
they offer you an easy way to browse and compare over different types of credit cards to find the perfect match.
Whether you are looking to rebuild your credit, have a new credit history or /and earn rewards and points.
just search creditcardlocators on the search engine for more information.
just click on student credit cards.
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