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> An 18 year old with no job and no credit history is going to have a hard time getting a credit card with a $5k limit Wow, citation please? Credit card compan

by crabasa 11y ago

> An 18 year old with no job and no credit history is going to have a hard time getting a credit card with a $5k limit Wow, citation please? Credit card companies set up pop-up stands and give away free t-shirts to students who apply for their credit cards. The VAST majority of the applications are happily approved. Update: excellent citation kileywm. I guess my perception was a bit dated.

kileywm 11y ago
The Credit CARD Act of 2009 [1] made it considerably more difficult for an 18 year old to get a credit card, but I should add that circumstances change when an 18 year old has a co-signer. At any rate, pop-up stands and such have been curtailed by this provision: "(5) Eliminates excessive marketing to young people. Consumers under the age of 21 must prove that they have an independent income or get a co-signer before applying for a credit card. The Act also prevents credit card companies from mailing offers to consumers under 21 unless they "opt in," and prohibits companies from wooing students with T-shirts, free pizza and other free gifts at university-sponsored events." As an anecdote, my experience (within the past decade) reflects the parent post's perception. My first credit card had a very low limit of < $1000, and was surely because I was then young, a student with no stable income, and had a lack of credit history. [1] https://en.wikipedia.org/wiki/Credit_CARD_Act_of_2009 https://en.wikipedia.org/wiki/Credit_CARD_Act_of_2009
rconti 11y ago
Granted it was 15 years ago, but when I got my first credit card out of high school, the limit was $300.
- jxramos 11y ago
  indeed, $5K seems a long stretch, $500 range is more appropriate for first time credit.
akgerber 11y ago
As an anecdote, after intentionally avoiding credit cards through college, I was rejected from several when I applied for my first after graduating in 2010— and was only approved for a 'student' card (despite having graduated) at a bank where I had a savings account.
thedufer 11y ago
When I was 21 I was only able to get a secured credit card. That didn't change until I got a full time job. I would've loved to know where I could get something better; I just wanted something low limit to build my credit score without tying up $1k (a lot for a college student).
nommm-nommm 11y ago
Thats not legal anymore. Its no longer legal to advertise credit cards on college campuses. My first credit card as a student came with a $500 credit limit for what its worth. I wasn't able to get a $5k limit until I was out of school and working in my field and made a dent into my student loans.

by crabasa 11y ago

kileywm 11y ago

The Credit CARD Act of 2009 [1] made it considerably more difficult for an 18 year old to get a credit card, but I should add that circumstances change when an 18 year old has a co-signer. At any rate, pop-up stands and such have been curtailed by this provision: "(5) Eliminates excessive marketing to young people. Consumers under the age of 21 must prove that they have an independent income or get a co-signer before applying for a credit card. The Act also prevents credit card companies from mailing offers to consumers under 21 unless they "opt in," and prohibits companies from wooing students with T-shirts, free pizza and other free gifts at university-sponsored events." As an anecdote, my experience (within the past decade) reflects the parent post's perception. My first credit card had a very low limit of < $1000, and was surely because I was then young, a student with no stable income, and had a lack of credit history. [1] https://en.wikipedia.org/wiki/Credit_CARD_Act_of_2009 https://en.wikipedia.org/wiki/Credit_CARD_Act_of_2009

rconti 11y ago

Granted it was 15 years ago, but when I got my first credit card out of high school, the limit was $300.

jxramos 11y ago
indeed, $5K seems a long stretch, $500 range is more appropriate for first time credit.

akgerber 11y ago

As an anecdote, after intentionally avoiding credit cards through college, I was rejected from several when I applied for my first after graduating in 2010— and was only approved for a 'student' card (despite having graduated) at a bank where I had a savings account.

thedufer 11y ago

When I was 21 I was only able to get a secured credit card. That didn't change until I got a full time job. I would've loved to know where I could get something better; I just wanted something low limit to build my credit score without tying up $1k (a lot for a college student).

nommm-nommm 11y ago

Thats not legal anymore. Its no longer legal to advertise credit cards on college campuses. My first credit card as a student came with a $500 credit limit for what its worth. I wasn't able to get a $5k limit until I was out of school and working in my field and made a dent into my student loans.