Geraldine Said:

How can i apply for a student credit card In New zealand ?

We Answered:

How long is a piece of string? :-)

As with everywhere else in the world, whether you get a credit card, and what limit is applied, depends on many factors; including such things as your credit record, your age, your earnings, what funds you have, etc. Personally, given that you are from overseas and, as a student, will be on no/a low income, I think your chances of getting a credit card are limited. What may be available to you is a 'debit card'. This is a card that acts like a credit card with regards to its use in shops or on the internet, but is actually linked to your bank account. When you use the card the funds are taken directly from your bank account. The funds to meet the charge must be in your account and so there is no limit applied. The only benefit this card has over an EFTPOS card is that you can use it to buy things on the internet.

Karl Said:

Why getting credit cards for international students are tough? Why we will suffer?

We Answered:

1. International students do not have a credit history, and as a result banks in most cases have no way of determining whether an international student is a credit-worthy customer. Banks in the US offer credit cards based on the person's credit scores, which are affected by the period and quantum of credit the person already has - as a result, it is the classic paradox in obtaining credit - what comes first? Credit or credit history?

2. International students who are also employed part-time will have an easier time since they will be required to get a social security number. For other students, a social security number may not be easily issued. A social security number puts you "into the system" - it links all your various details together making it easier to record and track your financial performance. Once again, the question is that of demonstrating your credit-potential and credit-worthiness.

3. I think banks are in general a bit wary of extending credit to students, given that they rarely have a steady source of income. The expectation is also, even for Ph.D. students who receive a stipend, that the existence is going to be hand-to-mouth. Therefore the prospect for spending beyond one's means makes a student a risky proposition for the bank.

4. Unfortunately, financial systems are not linked to the extent that a person's past credit history in her/his own country is available to, or even taken into consideration by banks in the foreign country. Even if the bank is the same - for example, Citibank! As a result, international students begin with a fresh slate.

I hope this answers your question!

Secured cards (offered by Bank of America or Citibank) are the mechanism for building one's credit history from scratch. By making a deposit with the bank, you are reducing the bank's risk and at the same time demonstrating your repayment performance over time.

Misty Said:

is it possible for a international student to apply a credit here in USA? If yes which one and how?

We Answered:

The best way is to try to build your credit. For most banks, you can get a credit card for say $500 but you will need to make sure you have at least $500 in your savings account at all times. Then after a period of time of using your credit card and paying your bills on time, you will build your credit rating so that you can apply for other credit cards.

I heard that Discover has a student card which is a good one to start off with once you have a bit of a credit history.

Leona Said:

Where can an International Student in the UK get a credit card?

We Answered:

Why do you want a credit score?!?!

These days, having a credit score is simply an "I love debt" score. If you have no credit score, you can still get prime rates on any mortgage with manual underwriting. Quit thinking like the masses of sheep and live the good life!