Jennie Said:

Credit Card Application Help?

We Answered:

They have marketing strategists and statistical analyzers and forecasters that dictate how they see you as being a potential risk.

That is why they are called risk based lenders.

Jeremy Said:

Need help with credit card application.?

We Answered:

The new law which goes into affect in February, requires people under 21 to have proof of sufficient income to qualify for a credit card or a parent must co-sign. Gone are the days of credit card companies handing out student cards like candy.

You may have to get a secured card -- you pay a deposit which is held as collateral against the line of credit. Use the card for small purchases and pay in full every month. In about a year you might be able to convert the secured accout to a regular one.

Cody Said:

credit card application help?

We Answered:

"address when you are at school" meaning where you will be living when you attend school. If you don't know, just put your home address for now.

Andrea Said:

student credit card application response?

We Answered:

I wouldn't sweat it yet. But do check the terms on the credit card for all those hidden surprises. I just got some offer for a card with a $70 application fee and a $70 annual fee with 20% interest rate. It's a $30 fine if I'm late on a payment.

Please be careful getting into debt right now. College students are prime target for bait and switch interest rates. They get you in at 5% then bump you up over 27% if you are a day late on a payment. I fell down the rabbit hole and now I will never let myself get more credit I can afford.

The reason it takes so long is because they are marketing to college kids so they have some room full of temps(prob college kids) typing in the info from 100,000 applications. Once they type it in, you will be approved in about 30 seconds.

Floyd Said:

What advice would you give to new credit card holders?

We Answered:

Your credit rating is one of the most important factors in your lifetime. It determines your interest rates, insurance rates, mortgage rates and even chances for employment.

You need to understand how the system works and should get the information directly from the source FICO. You can use the link I have referenced in the source area to see how credit works.

Way too many people answer this type of question but leave out many important aspects. To properly answer your question would take too much space.

There are some simple rules to follow, they are:
Never ever use more then 10% of your line of credit (you can use more as long as you pay it off quickly). This is called utilization ratio, the higher the percentage the more damage to your score.

Never keep your balance close to your maximum

ALWAYS make your payments on time, just one late payment stays on your credit report for 2 years as per the FCRA.

Hope this helps answer your question.