I’d consider joining a credit union, and getting a credit card through them. Interest rates are usually very low and they are more lenient in granting low interest credit than banks. Use the card as little as possible, but at least once per month for something small and pay it off in full at the end of each month. I’d also take our a small loan for a laptop or something similar, keep the loan for 6 mo or so, then pay it off.
It is very easy to get into trouble as a student by eating out, going to bars, and generally not keeping track of your expenses. It’s a lot easier now with apps, but you have to be very disciplined.
I would avoid secured cards. If the CC issuer sets a credit limit greater than you think is prudent, you can ask them to set it lower.
It’s been years since I have been in college but we got all kind of credit card offers once you became a junior. They had small limits but you did not require a co-signer.
My parents added my twin sister and I to their VISA account but we have our own cards and can only use it if necessary and are expected to pay for whatever we charge (which won’t be much, it’s more of an in case you need it thing)
@grainraiser they can’t do that as much anymore since the credit card reform bill in 2009.
@4Gulls The reason I think Discover requires a co-signer for their credit card is because I say many reviews on CreditKarma.com saying that people got rejected when they applied for the card.
@donnaleighg Probably not. Her whole reason behind not wanting me to have a card is because she just wants me to focus on school, not on building credit. She kind of didn’t even want me to do my work-study job, because she wants me to focus on what’s “important”.
Also, my reason for want to build credit specifically for wanting to get an apartment is this: A few years ago, my mom tried to get an apartment for us. Her income was enough to be able to pay rent without any issue, but they rejected her because her credit was too low. That situation was terrible for us because we had to scramble to find somewhere to live, so I never want that to happen to me.
“Building credit” doesn’t take effort or time (that is time like a job takes time). Buy one coffee or bagel a week and paying it off each month should do it. But it does take “time” as in a year or two. I think you have the right idea.
I was given the suggestion to apply for the Capitol One Journey card for students. I will take the advice from you guys and apply to the Discover student card first. If rejected, I’ll go for this one https://www.nerdwallet.com/card-details/card-name/Capital-One-Student-Rewards?utm_medium=EMAIL&utm_source=zendesk
I am not a fan of the Discovery card because they tend to be more strict than other cards when reporting late payments.
Having a credit card is NOT gong to make it easier to get an apartment for YOU…unless you have enough income to pay your bills including your rent.
I’m not sure why you keep coming back to the apartment rental as the reason you want a credit card.
You need sufficient income to be approved for an apartment lease. Without sufficient income…you won’t get a lease in your name regardless if your credit score.
^Um, that’s not the only reason why I want a credit card (Obviously). I just think it’s good for myself personally to start getting ahead of my future and building good credit.
@oldfort Do you have any opinions regarding the Capitol One student card?
I would get Capitol One before Discovery.