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newbeeMS

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How to build credit for a college student who does not have any source of income?
Hi! I am in the 2nd year of college with no income. Living with parents and I am an authorised user on their Capital One Venture Credit Card for about an year now. I do have a Bank Checking and Savings account from more then 2 years now with Chase and Captial One.

I applied for the credit card with Penfed Credit union and got denied and also Capital One Secured Credit Card was denied to me. I am afraid this will have adverse impact on my credit while I do not have any built yet as such.

Can someone tell me if above would have adverse impact on my credit and also guide me how to get a secured but guranteed Credit card that can help build my credit?

Thank you in advance.

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Take your time. Relax.

Since you don't have an income right now, you are going to be denied credit.  They want to know how you would repay the loan (credit cards are, in fact, loans) and you don't currently have the means to repay them.  That's why you are getting turned down.  And that is what will happen until you have a job that provides you a means of living and repaying a debt.

While I have never been there, your being an authorized user on your parents card could show later on your credit report.  Hopefully, it will be a good report all the way.

Right now, please consider living on a cash-only basis until you do have steady, gainful employment.  Then, you can get a secured card and gradually build a credit score of your own.

If you have student loans, those will impact your credit after graduation and will remain on your credit reports until such time as they are paid off. So, you may have a credit score building without even knowing it.  Right now, please concentrate on completing your education.  That's the mokst important thing.

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