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Credit Card For International Students
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Information about Credit Card For International Students
Obtaining a credit card for international students is an important part of soaking up the American life. The unfortunate part is that many credit card companies don’t approve international student applications. Part of this is because they have no established credit and part of it is because they do not have a long-term permanent address. Luckily there are ways for international student to obtain a credit card.
What Credit Card Companies are Looking For
When applying for a credit card for international students, the student can apply online, via mail or via telephone. Credit card companies normally want to see either a strong work history or a steady living address. The issuing company will also check the applicant’s credit score to determine their credit worthiness. Each company uses their own scoring system and accepts various credit scores as acceptable.
Checking Credit Worthiness
There are many factors used by credit companies to determine if a credit card for international students is allowable. It’s recommended that a student apply to only 2-3 financial institutions because each credit check, and either acceptance or rejection, shows up on the next credit history, with a high probability of lowering the student’s credit score. Below are the other items most companies check:
• Credit score
• Amount of income – the higher the income, the higher the credit score
• Occupation and work history
• Length of time living at the current address and whether you own or rent
• Education
• Existence of checking and savings accounts
Obtaining the First Credit Card for International Students
Because international students face more challenges when trying to obtain a credit card, a little extra work is required before applying. Students may contact their school to see if they know of a company that is more student-friendly, as there are a few companies that specialize in helping students establish credit. Some larger banking institutions offer premium checking accounts that include a credit card. Department store and gas station credit cards are sometimes easier to get, helping the student to start their credit history.
Secured Credit Cards
International students who are unable to obtain a credit card using the tips listed above could still acquire a secure credit card. Secure credit cards require the student to make an initial deposit into an account held by the credit card company to secure the line of credit. Once the account is set up, the student can use the credit card in the same manner as any other card – up to the amount of the held deposit. This is an excellent way for an international student to establish a credit history.
A credit card for international students sometimes creates more of a challenge than many other first time applicants but the situation is certainly not hopeless. If students do their homework before submitting their first application, they can maximize their chances of success. Following the above tips will help any student obtain his or her first credit card in the shortest time possible – just remember to enquire with a company before actually applying. Alternative methods could include the use of a prepaid credit card. Almost anyone can apply for one and there is no risk of ending up in debt.
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