Applying for a college student credit card..?

[Danni]

If you're in the end of your senior year, you're 18, and you've been admitted to college in the fall, can you get a credit card for college students? Or would I have to wait to apply until I've graduated from high school?

I'm thinking about the Discover card for college students.

Also, if anyone has any ideas for good starter credit cards, please let me know.. Thanks!

[bdancer222]

You have to be 18 to legally sign contracts. Whether you graduated from high school or not isn't a factor. What will is your employment and income. The law that went into affect several years ago requires people under 21 to provide proof of sufficient income to qualify for a credit card or have a parent co-sign. Most cards want 12 months full time employment and at least $18K annual income.

[rpf5]

The first poster is correct. At 18, the only way to get a card is with your parents as cosigner. With that in mind, use the same brand that your parents use, either as cosigner or as an authorized user on their card. That will get you your own card & seperate billing. Expect a limit of no more than $500.

[StephenWeinstein]

First, most "student" cards are only for students who have already had another credit card. You usually can't get a student card for your first card.

Second, it's against the law to give a credit card to anyone under 21 who doesn't have a cosigner, a job, or proof of other income. So, if you don't have any of those three things, you can't get any credit cards, until you get one of those three things, or turn 21.

[Merry]

The Discover IT card is a great card for COLLEGE students and contrary to what a lot of people think (and will tell you on here), some student credit cards can be quite easy to get IF you're a college student and at least 18 years old. For their card, it DOES make a difference on whether or not you are in college (and you don't have to already have another card).

Before you apply for any credit card, you should have both a checking AND savings account. Not only does it look better on the application, but you should always be in the habit of paying yourself first.

Applying for any card (whether you're accepted or not) will put a small ding on your credit rating. If you apply for lots of different cards, those dings will add up. This is why it's good to research first which issuer is likely to approve you.

Also, I want to point out that you should never get a card because you “need” one. But, if you're interested in one to build a good credit score, I can tell you that Discover is known for being one of the easier cards to get for college students – and they have wonderful 24/7 customer service (which I think is especially nice for a first card when you're likely to have more questions).

My daughter has a student Discover card and loves it. You should wait until you actually start college classes (since they will verify), but if you use her referral link here: https://www.discovercard.com/cardmembers...5_1483120, you'll get $50 cashback bonus when you make your first purchase and you'll get cashback bonuses for everything that you purchase. The cashback is always a minimum of 1%. However; every three months there are different categories that pay 5% cashback. The categories vary, but some that I've seen are gas, movies, restaurants, hotels, and online shopping.

There's no annual fee and the APR (annual percentage rate) is fairly good for a first card. But, it really doesn't matter how much the APR is if you pay your balance in full each month. As long as you pay in full, you'll never pay interest. That's important to remember!!

If you use a credit card wisely, it can be a great tool. But, you can also ruin your credit, so whichever card you end up getting, just be certain to use it the right way. Use it for convenience (paying at the pump, making reservations online, etc.) and to build credit. Don't use it to buy something that you can't afford.

Use it at least once a month for something that you need to buy anyway (gas, food, etc.). Set that money aside immediately so that you have the full amount when the statement arrives.

Pay in full, but don't pay before the statement prints. If you pay before your cycle closes, then “zero” could be reported to the credit bureau as your usage, which won't help your credit score at all. Keep your utilization at, or below, 30% of your available credit to develop the best credit score. In other words, if you have a $500 limit on your card, it's best if you don't have more than $150 in use when your cycle closes.

Just don't let temptation to get to you!! It's too easy to spend money that you don't have. Be smart, and a credit card can be a wonderful tool, both to help build credit and for convenience.