Question


Ariel

Should I get a Discover card?

I'm a college student with no credit (never had a credit card) and the Discover card for students looks appealing. I'm just wondering if I should get that, because some places might not accept it? I mean, I know the places I shop most frequently (i.e. Amazon.com) do accept it. Do most groceries stores accept it? I have a MasterCard (Debit) that I would be fine to use just in case Discover is not accepted, but the whole point is for me to use the credit card to build credit. Recommendations? Yeah, I probably should have specified that I only want this for smallish purchases to pay off in full on time, to build good credit.... How small is the credit limit going to be? Thanks for the links C. Financeglobe.com looks interesting but I couldn't find many people who applied without previous credit or who applied for the the student Discover cards... Question, why were you denied for the student Discover card? I thought it doesn't require income and that it's meant for people without credit. And if I apply and am declined, is it bad for my credit report?

1 month ago - 3 answers

Best Answer

Chosen by Asker

Yes and No. Yes- getting a Discover card is amazing and it offers great incentives like 5% cash back. Don't worry because most businesses have gone with the credit card tidal wave and now accept Visa, MC, Discover, and AMEX. However, you are *highly* unlikely to be approved with no credit history, especially in this market. I got my first credit card in 2006 ($600 limit) and have accumulated three other credit cards since then. My credit falls into the "good-excellent" category. I graduated college this year, had a professional/verifiable income, yet was still denied for the *college* Discover card in Sept. Go for it, it would be interesting if you got it. My recommendation is first get your credit report, and then start off with a Capital One or Orchard Bank credit card. Also, check out www.financeglobe.com. It will give you a good idea of what's out there and what you qualify for. Good luck and keep us posted. ------------------------------------------------------------------ I don't remember exactly, but when I was denied for the College Discover card I think the reasons they gave were that the average age of my credit accounts was too low and that my credit score wasn't high enough. I know I asked them what was the necessary credit score, and the CSR said there is no "set" score and its reviewed on a case-by-case basis. Theoretically, yes, you can get a credit card with no income. As a sophomore in college, that's how I got my first card. But getting credit nowadays is REALLY hard. The attractive websites of credit cards makes it look easy and smart to get a card. But what all the credit card companies are not saying is that they are accepting only their best applicants (thus making it 10x harder to get the card). The global pool of money that fueled the housing boom is now gone. Yes, being declined for credit does hurt your score- but only by a little bit (like 5 pts). Bigger issues are tax liens, bankruptcies, and especially unpaid medical bills and parking tickets for our age. So that's why its important to get your free credit report and I'd suggest you pay once to get your credit score so you know where you stand. If you apply and get denied, it's not a big deal. You then know to start looking at Capital One or a secured credit card. Don't forget to post what happens. Good luck.

Source(s)

www.financeglobe.com www.creditcards.com

by C

1 month ago

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Other Answers

I use Discover card and I can't think of a single store that I have been to that does not accept it. If you do decide to get the card be prepared to start out with a low limit and the APR is high so it would be best if you pay off the card in full every month to avoid interest. I do this and Discover pays me for using the card instead of the other way around! Credit limits on the student card probably start at $300.

by John- 1 month ago

Never. This is the most unscrupulous of all the credit card companies. If you decide to get it anyway monitor that account like a hawk. Most retail outlets will accept it but it's not the best way to build credit. Could your parents help you out? Maybe get a card in your name that they co-sign? Maybe make some of their big purchases on your card and they give you a check to cover them?

by Babs- 1 month ago