Blue for Students

[Yiro]

Hello everyone! I am new to this forum and wanted to post a hello and ask for some advice. I am recently establishing a credit history and have had my first credit card for about 3 months now. I recently checked my Experian credit report and score just out of curiousity and found that my credit score is 690 and i'm in the "Fair" credit category. I am really anxious about becoming an American Express card holder, but i'm not sure when I should apply for Blue for Students. My question for advice is, should I hold off applying for awhile? If so, how long? Or should I go ahead and apply? If I do, would they approve me?

 

Any assistance would be appreciative.

[prisskitajoe]

I would wait for the six month mark. However, I added my son to some of my accounts as an authorized user (which of course has years of history) and he was approved last week for the Blue for Students. He doesn't have any credit on his own, so I was surprised he got approved.

[Yiro]

I have noticed that on this forum with Blue for Students some people have been approved with little or no history at all. Do you think it would be safe for me to go ahead and apply then since I do have about 4 months of history (4 months this month) and I have a score of 690 (according to experian). Thanks for any help.

[redskins13]

there's another post on here right now talking about the student blue visa, and the dude on there (maybe it's you) is worrying about applying for it with a 690 EX score...I said, "Jeez" like that isn't high enough...I would go for it.

 

YMMV,

Greg

[Yiro]

It isn't me, I am interested in becoming an American Express cardholder. I currently have another credit card with a $250 dollar CL. I am just afraid of being denied for the card. So you think it is safe to go ahead and apply with 4 months of history and a score of 690 from experian?

[MrsRNA]

I applied with no history and got approved as did a friend of mine so I say go for it, we each got a $500 CL.

[Yiro]

Alright, they have a question on there where they ask me for my School mailing address, if I do not know it, do I have to put it?

[redskins13]

word

[Yiro]

Well, I went ahead and applied for Blue for Students over the phone, because the internet application was being weird with my information. I went to go check my application status today online, and it said that it was Declined. I don't quite understand why, I clicked on the 'reason' button, and it said they couldn't tell me why. It makes no sense if some of the people here said they got it with no history and I have some history. Maybe it is my income? But what do they expect me to make? Thousands? I'm a student, working a student job, on a student budget... Or does American express just put declined as the decision while they are decisioning? I am really confused. Any help would be appreciated. Thanks.

Edited July 8, 2005 by Yiro

[redskins13]

no, I'd say you actually got declined, otherwise it would say 'pending' or something like that...

[Yiro]

I guess i'll just have to wait and find out why then..

[legitimate user]

I've posted about this card before. It's really not that great unless you REALLY want to get started with AmEx (as you said you did).

 

They denied my initial app when I had no credit history. I applied for a Citi college card, got it with a $1800 limit and reapplied for AmEx 6 months later. They gave it to me at a $500 limit and denied a CLI after that. The card is now effectively sockdrawered as they say here.

 

I will be calling back in a couple months to request a conversion to Blue Cash with a substantial CLI. If not it will remain sockdrawered and I'll request the same thing 6 months from then.

 

edit: oh yeah, the way I put it is that I didn't exactly give a conservative estimate of my income for the second application.

Edited July 8, 2005 by legitimate user

[Yiro]

I think the reason why they denied me is probably two things, only about 4 months of history and my income is less the $10,000 since i'm a student.

That is kind of why I wanted to apply online, because online they ask for ranges and for more information, like your GPA, your bank account balances or what not that makes it seem like they are trying to get a bigger view on you and your financial handling. Where as on the phone they ask you questions like they do everyone else (I work for American express and take applications for them, suprised they denied one of their own) so they get specific generic information and don't go to much into detail. I guess i'll find out later online or in the mail.

[steedjak]

try reconsideration

[Yiro]

How do I go about the reconsideration process?

[CreditQQQ]

Get a citi card first. Keep it for at least 4 months, then apply again. You should get approved then. Also if you have more than 2 cards at the time you apply for amex student you will probably get denied.

[Yiro]

I only have one credit card with a 250 dollar credit line. It is with First Financial Bank USA. I called American Express and asked them why for the Denial and they said for High Utilization. I said well, if I need to buy food and gas on a student budget, you are always going to have a high percentage for utilization if you CL is low and you are utilizing what you need. Where as if I charged that 200 dollars and my CL is 700 or 500 my utilization would be lower. Anyway, I explained my situation to one of their representatives, and she said she is going to put my application through again to a Manager to look over. I don't know what good that will do, but its better than nothing.

[Yiro]

Thanks for all your help guys.

Edited July 8, 2005 by Yiro

[Carboran]

Well, I am a student, as well. I have two years of history of paying in full, because I got started my senior year in High School. We are immigrants, so my dad was adamant about my good credit.

 

I recently got invited to apply for the Real-Deal 5% cash back blue from American Express and I did. They are really strict with the application. Right now I am on hold for two weeks, until I receive a paycheck from my job, so they can see a proof of income, despite being pre-selected.

 

In addition, do yourself a favor, and put high income amount on the application. All Credit Card applications, I have seen, ask for HOUSEHOLD income not personal income. Well, most of us are dependends of their parents, so put your family's income, not just yours.

 

Here is my story and Good luck with the application. I am glad to see, I am not the only student on this board.

http://creditboards.com/forums/index.php?s...opic=110075&hl=

Edited July 8, 2005 by Carboran

[Yiro]

That is probably what the problem is I put only my income, the reason being is I can not depend on my family's income because we are on a very fixed income and budget. I work with American Express at my job and do take a few card applications for them over the phone. Usually they want you to note your familys income if you can depend on it. But your idea is probably what I should have done. Like yourself, i'm trying to establish good credit as well, and I figured getting a Blue for Students card would be a good way for me to establish myself not only with American Express but with both of those Cards to help with school expenses. Maybe I have the wrong idea in mind...

[ofblong]

i got into trouble in college because of cc debt. I had no job for the first year (for some reason no one not even the school would hire a freshman). I put grocieries/books etc on it. I had 6 grand in the bank so I just paid minimums because I never new when I was going to be able to find a job. 5 years later I am just now paying them off. $15000 so far in 2 years. I would suggest staying with that 250 card for a while longer.

[Carboran]

See, the thing is, I would never ask my parents for help to pay my CC's unless I am about to declare a Bakruptcy (hopefully, never). However, I am still going to put that income, despite never using it, because it can only help. I don't see it as lying, because they ask for Household Income, and that is what I give them.

 

BTW, are you interning for American Express, or working there? I might be applying for an internship with them after next year (my junior year).

[legitimate user]

In addition, do yourself a favor, and put high income amount on the application. All Credit Card applications, I have seen, ask for HOUSEHOLD income not personal income. Well, most of us are dependends of their parents, so put your family's income, not just yours.

 

http://creditboards.com/forums/index.php?s...opic=110075&hl=

<{POST_SNAPBACK}>

 

Oh god. If that's the case, hello Centurion card.

 

This thought popped into my head as I was filling out the app but I thought, "no way, they mean that for spouses or something". I will definitely correct this oversight when I call back.

[Yiro]

When they say "Household" income they mean income from your house that you can RELY on. Meaning yes, legally, you can put your parents income if you would like to, but the problem with that is, they are thinking you can rely on that income to pay back the bill when it comes. Which also means they will put your CL in accordance to what your income is, so say your personal income is $7500 a year. Let's say your family makes about $40,000, and you put $48,000, they may give you a CL in accordance to that $48,000 dollar income. Problem, your parents aren't willing to help you with your CC bills, so you have a CC with a CL, that is too large for your income. That may cause an issue if you use your CL to full capacity or what not and you aren't able to pay it back. That is why its best to put income you can rely on.

 

I take credit card applications for American Express, so thats how I know a lot of this stuff about American Express and how I found out a lot about Blue for Students.

 

UPDATE: I talked to a customer service representative from American Express and explained to her my situation. She told me that she is going to update my application with some additional considerations and submit it to management for review. They told me that my credit card utilization was high and that was one of the reasons for denial. I told them, if you take two relatively small numbers and gather a percentage rate from them, the percentage always is higher than the relative balance really is. Meaning if I have a $200 dollar balance and a $250 dollar CL that balance is really small relative to other possible balances, but the utilization percentage rate is rather high. If I took another figure like the same 200 dollar balance and put it to a 500 dollar CL or a 1,000 dollar CL the percentage rate would be smaller and the balance would appear to be smaller too. The same is true with higher balances say I have a 5000 CL and a 3000 balance. The utilization is smaller but the balance is a lot higher.

 

Anyway, I told that to the representative and she agreed with me so I guess we'll see what happens.

Edited July 9, 2005 by Yiro

[ero2]

This was my first amex card, 3k CL, then I got a citi, mbna, and chase card. After 6 months, Blue Cash, and Gold, and now 2 years later after lots of asking me if I want to upgrade to the plat charge I think I may take them up on it. If you can get this card, the income requirements for all of the other cards goes away, so if your score is good enough you can get all of them except black :-) So, it is worth the work if you can get in with them.

 

also my blue cash CL is now (2 years later) over 25k, just shows ya how far you can go, and how much getting in their good graces can do for ya.

Edited July 9, 2005 by ero2