Credit Cards for college students
Love you on the radio and WGN morning news Terry. Our daughter is a junior at college and is working part time making some income. She has had a checking account and saving account through Chase Bank since she was 12 years old. She has a debit card currently. She applied for a student credit card with Chase Bank and was denied. We are not sure why. What can I do to help her get one and help her credit rating going forward? Our daughter does not have college debt as we, the parents, are paying for this. Any advice?
Terry Says
I’m sort of surprised that she was denied, but banks are pulling back on credit card risk right now. There is an easy way to build her credit. She needs a “secured card” — one that is backed by a savings deposit at the issuing bank. That becomes her line of credit. She must charge a little bit every month — and then pay it off IN FULL AND ON TIME every month! That will build her own credit history.
Find a secured card using this link to Bankrate.com.
