List! I am in college and was wondering if when you apply for credit cards in college if they have "lower requirements" for these applicants. For example, a CC might normally like to see a score of 700 or more for their applicants, but will take a 650 college student... Anyone out there know? I am a returning (older) student and am considering applying for a credit card with the hopes of a potentially obtaining the same successful effects of getting a decent (not sub-prime) card that "bumps" might have. On my credit history, I had a late payment 17 months ago, and my utilization is 32% on my current sub-prime cards. My fico is 650. TU a little higher. Any thoughts? Thanks in advance, Charles
Before applying, remember why lenders seek out college students for credit card applicants: 1) None or very limited previous credit history 2) No derogatory information reported. 3) PARENTS are usually the guarantor of the card (because college students are always asking for money) 4) Students need to build and establish a credit history. If you had late payments 17 months ago, it could be a factor for having your application declined. Student Credit cards are a rather high risk item for the issuing bank, so they're careful on who they approve (especially in today's economy).
