Your young adult offspring is heading off to college for the very first time. Chances are she is well equipped with all of her bedding, music,laptop computer, compact refrigerator, and a whole assortment of other items in tow to keep her happy. There is one thing that you may have overlooked, a real help for students and a godsend for parents: a student credit card. Yes, credit cards are an invaluable part of every student's college experience if used wisely. Let's take a look at some benefits of giving your son or daughter their very own credit card.
Let's Buy Books. After paying tuition and boarding costs, it can be easy to overlook another big expense: books. Do you really want your son or daughter to carry around hundreds of dollars in their wallet to pay for books and supplies? Probably not. All college bookstores take student credit cards and with every credit card statement you can easily and accurately track expenses for tax purposes. No need to collect a bunch of receipts either: the proof is on the credit card statement.
Incidental Expenses. Likely, your child enjoys some 'cooling off' time especially after completing exams or working on a difficult school project. A credit card can be a good way to pay for a couple of pizzas or provide for a night out at 'the game.' In addition, if your son or daughter wants a new pair of jeans or shoes, a student credit card will help them make that purchase.
Life's Little Emergencies. God forbid, but if your daughter has an emergency and must be rushed to the hospital, in many cases she must show payment information along with her personal identification and medical card before being treated. A student credit card can fast track your daughter to wellness and give her help in a time of crisis. When you cannot be there to help, a student credit card can provide quick access to needed care.
Road Wise. If your student goes off to college and he takes a car with him, how will he and you handle a problem if the car requires maintenance or repairs? Wiring money is aggravating and a hassle especially if the emergency occurs late at night or on a weekend. By equipping your student with a credit card you can get his car running again and give yourself and him plenty of peace of mind.
Yes, you must counsel your child to use their student credit card wisely. By reviewing every credit card statement monthly, you can help your son or daughter show responsibility and achieve financial independence.
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I applied for a credit card and it is currently under review...?
Last week I was denied when I applied for a student card from my bank, bofa. The reason was because I did not have enough credit references. Other reasons I'm guessing is because I haven't been with my part time job for longer than a year and I've had overdrafts (but I'm not in debt, I paid them off quickly). I was going to apply for their secured card but I've been reading that many people are being denied especially during these times. So I was unsure. Just tonight I applied for a credit card from Navy Federal Credit Union. I barely use my checking/savings account from them but I've never had an overdraft or anything. I didn't get approved right when I submitted my application. It is currently in "review in process" and it normally takes 3-5 business days for me to get an answer. My question is, do you think most likely I got denied? Usually people who get approved get approved right on the pot right? And since this is my second inquiry, if I get denied again, I will not apply for another card for another 5-6 months. I'm saying this because I know someone will say that inquiries hurt the credit score. If I get denied for this unsecured credit card, I will apply for the secured card next time. How can I boost up my chances of getting approved for a credit card? Final question.. I tried applying for a credit card from orchard bank but it did not process. It asks about where I work and the household income. I put my work and my individual income but I also put "live w/ parents". Could this be the reason why my application won't go through? All/any serious answers will be helpful. Thanks!
PS: I'm an 18 year old student with a part time job. No credit history whatsoever. 2 inquiries so far.
Answer
Currently, it is almost impossible to be approved for any card, EXCEPT a secured card, without a credit history. Until you apply for a secured card, you will probably be denied for all cards. When you apply for a secured card, you might be approved or denied, depending on how many other cards you tried to get first and how recently. You should have applied for ONLY the secured card, and not other cards. You should know wait more than a year, without applying for any cards, and then apply for ONE and ONLY one SECURED card, and NO other cards.
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