Any difference between a Student Credit Card and a Normal one?

[aphex]

Just curious, ive been lookin at Amex Blue but dont know if i'll get approved for a normal one.

I am a full time student, but also have a full time summer job that pays fairly well. I also dont want to get denied and have that show on CR, this will be my first CC on my own.

Is there any major differences between a Student Card and a Normal one? (besides a typically higher interest rate)

 

[iamwiz82]

high interest rate, low credit limit. Some have benefits, but most dont. DO NOT get a Capital One

 

[Kjazlaw]

usually it expires earlier too. they're just testing you before they give you a card that lasts four years.

 

[Rallispec]

Originally posted by: iamwiz82
DO NOT get a Capital One

why not?

 

[iamwiz82]

they have etremely high interest rates. 19.8% fixed.

 

[aphex]

Well someone suggested co-signing, exactally how does this work, and does it build my credit?

 

[StageLeft]

Originally posted by: Rallispec

Originally posted by: iamwiz82
DO NOT get a Capital One

why not?

Cause they're mean bastards. Less than a year ago they wouldn't give me a SECURED card with a limit of like $200. A secure card. I give them $200 cash and then they lend that too me and they said no cause I'm too high a risk. The b-tards!

MBNA 4eva!!

 

[Mutilator]

heh NOBODY would give me a CC including places like Sears and Capital One. Then one day a couple months ago I got some mail forwarded from my old address from Capital One that said I was pre-approved. I figured what the hell. Ended up with a $300 CC. I charge something on it then pay it off within 2 weeks so I don't care if it has a 19.8% rate.

 

[FeathersMcGraw]

Originally posted by: aphexII
Well someone suggested co-signing, exactally how does this work, and does it build my credit?

Co-signing is a guarantee by the co-signee that if you fail to pay your debts, that person will cover them.

Using and paying off your credit card regularly will build credit. Missing payments will damage it.

The basic rule of thumb is: if you can't afford to pay it off in a month, don't buy it with a credit card. Otherwise, you're just asking to get sucked into spiralling debt.

 

[StageLeft]

Originally posted by: FeathersMcGraw

Originally posted by: aphexII
Well someone suggested co-signing, exactally how does this work, and does it build my credit?

Co-signing is a guarantee by the co-signee that if you fail to pay your debts, that person will cover them.

Using and paying off your credit card regularly will build credit. Missing payments will damage it.

The basic rule of thumb is: if you can't afford to pay it off in a month, don't buy it with a credit card. Otherwise, you're just asking to get sucked into spiralling debt.

Co-signing will benefit his credit and his credit only, right? The co-signer accepts nothing but the risk? Is there anything on the account that, when reported to credit agencies each month, will say that it is a co-signed account...?

 

[Mutilator]

I think that with a co-signed card it'll be like a co-signed car... yes it will build your credit but not nearly as fast as if you got the card on your own.

 

[aphex]

Hmmmmm, maybe i should just apply for the Normal Amex Blue and hope for the best....

I have a full time summer job right now (and if i worked the whole year i would make 17-18k)

Should i just try it and pray?

 

[StageLeft]

Originally posted by: aphexII
Hmmmmm, maybe i should just apply for the Normal Amex Blue and hope for the best....

I have a full time summer job right now (and if i worked the whole year i would make 17-18k)

Should i just try it and pray?

Considering also the fact they won't check your income and it's in your best interest I'd consider "stretching" the truth on that salary just to ensure you get the card.

 

[RossMAN]

Apply first, if you're declined then apply with a co-signer.

If you're not sure about your credit I'd spend $12.95 and get a copy of your credit report WITH FICO CREDIT SCORE from EquiFax.com

 

[aphex]

Originally posted by: RossMAN
Apply first, if you're declined then apply with a co-signer.

If you're not sure about your credit I'd spend $12.95 and get a copy of your credit report WITH FICO CREDIT SCORE from EquiFax.com

I dont have any credit, so im assuming my credit report will be empty

 

[Stark]

"Student" means they don't trust you and will to sodomize you with high interest rates.

 

[dude]

Well, here's what I did about 10 years ago to get my frist credit card (I was in college). I never signed up for any of the school cards (well, faked them all to get a tshirt) and instead went straight for a regular card. Of course, I didn't make as much as I said I did, but it got approved. I got a low 12% APR and a $5,000 limit. Not bad for a first card!

Anyways, you have nothing to lose. It wouldn't look very bad on your credit card unless you took out 3 or 4 applications in one month. Then it will impact you heavily.

 

[kami]

Originally posted by: Stark
"Student" means they don't trust you and will to sodomize you with high interest rates.

My CC is a student card and has an interest rate of 15% and no annual fee. It's also an unsecure card. Not sure if this is high or not? But it seems a bit below the norm. Also it has a $1k limit which is OK for a first card I guess (and no previous credit!). On the application I asked for a $1k limit, so I probably could've gotten more if I had asked for it.

Related question: how long do I have to wait before asking for a credit limit increase? And how much could I ask for? could I double or triple the limit? I've had it only since March, and have paid all the balances in full...

 

[RossMAN]

Originally posted by: aphexII

Originally posted by: RossMAN
Apply first, if you're declined then apply with a co-signer.

If you're not sure about your credit I'd spend $12.95 and get a copy of your credit report WITH FICO CREDIT SCORE from EquiFax.com

I dont have any credit, so im assuming my credit report will be empty

Like I said before chances are you WILL be declined. Realistically speaking you have 3 choices:

1) Do whatever you want and I'll say "see I told ya so!".
2) Get a co-signer, using their credit and income to your advantage of course this can also be a disadvantage if they don't have good credit, or low income and high debt.
3) Get approved for credit all by yourself. Apply for a SECURED credit card from Bank of America or Capital One (which does suck BTW). You are virtually guaranteed approval because there is zero risk to the credit card company. You give them $99 - $1,000 which they put into an interest bearing savings account or CD in turn they APPROVE you for a credit card for the amount of your deposit. So if you give them $500 (good figure to start off with) they open a savings account, deposit $500 and it starts earning interest. If you were to ever stop making payments on your cc and default then they would take the assets from your savings account and payoff your cc - zero risk to the cc that's why you'll probably be approved. After 1 year (good credit doesn't happen overnight), apply for a regular cc (e.g. Amex Blue, CitiBank, etc.), get approved, close your SECURED cc and get your initial deposit back PLUS interest. If you want to get approved all by yourself, this is how. The only catch is coming up with the initial deposit.