Best Credit Cards for Students with Bad Credit

Some credit cards with instant approval for students with bad credit are:

• Credit One Bank Visa Credit Card
• OpenSky Secured Visa Credit Card
• Discover it Secured Credit Card

There are no specific credit cards for students with bad credit, since students usually have no credit or only have limited history.

But if you happen to be a student and have a bad credit, you can apply for these. Chances are you will get an instant decision, in case your application can be immediately verified. Otherwise, it might take up to 7-10 business days to receive an answer.

If you are not getting approved for a student credit card, it may be because you don’t meet the issuer’s minimum age or income qualifications. Additionally, a credit score of 639 or less could also lead to your student credit card application being rejected.

Whatever the reason, it’s important to understand why you’re not getting approved for a student credit card. This will help you determine your next step toward building a good credit history.

Possible Reasons Why You’re Not Getting Approved for a Student Credit Card

Failure to meet age and/or residency requirements

Student credit card issuers typically require that an applicant be at least 18 years old and a U.S. citizen or legal resident with a Social Security number. Some student credit cards may waive the Social Security requirement, making them an ideal choice for international students who do not have a Social Security number.

Not enough income

Applicants under 21 years old must provide proof of independent income (from a part-time job, for example) sufficient to pay the bill every month. An alternative is to have a co-signer who is at least 21 years old guarantee payment on the account, though most credit card companies do not allow co-signers anymore. An issuer will deny an application that does not meet one of these requirements.

Insufficient proof of enrollment

You will need to verify that you’re a student to qualify for most student credit cards. Issuers may require an official transcript, school e-mail address, or an expected graduation date. Verification requirements will vary depending on the issuer. If you do not provide the required information, your application will likely be rejected.

Bad (or poor) credit

Student credit cards are designed for people with limited or no credit. However, issuers will likely deny your application if you have a credit score of 639 or less. You can check to see if you have a credit score for free on WalletHub.

Too many credit inquiries

Student credit card issuers and other lenders will review your credit report, which includes credit account activity previously reported to the credit bureaus. If your credit report lists several hard “pulls,” or inquiries, over a short period of time, an issuer may consider you a potential credit risk and deny your application.

Improve Your Credit Before Re-applying

If you’re turned down for student credit card, it’s best to wait a few months until your credit has improved before you apply again. Alternatively, you could apply for a secured credit card, which will give you the highest chances of approval now.

You can get customized advice for how to improve your credit as well as which credit cards will offer you the best odds of approval by signing up for a free WalletHub account.