As a college student, getting a credit card can be a great way to start building your credit history and prepare for financial independence. But getting denied for a credit card is extremely frustrating and discouraging. Credit card denials often come with no substantive means of explanation, making things even more exasperating.
Even if you have the means to pay your bills, most credit card companies won’t give you a credit card because you don’t have enough credit history. I know what you’re thinking, too. If you need a credit card to build credit history, but need credit history to get a credit card, where are you supposed to start? You’re not wrong to be confused. It’s a total catch-22.
Fizz is here to solve this very problem, but first, let’s look at exactly why credit card denials happen.
This is why you got denied for a credit card
A lack of credit history is one of the biggest barriers for college students looking to build credit. If you’ve never had a credit card before, or if you’ve only been an authorized user on your parents’ account, you probably don’t have enough credit history to qualify for most credit cards. Typically, credit card companies require applicants to have a credit history of at least six months to a year. Without a credit history, it's difficult for lenders to assess your creditworthiness and determine whether you're a good risk - even if you have money in your bank account or a source of regular income.
If you’re confused about your denial and are just starting out, odds are that a lack of credit history is responsible for your credit card denial. But there are other explanations if limited credit history doesn’t apply to you (just remember that building credit through your parents doesn’t build your credit very effectively, so only having had a parent’s credit card can still lead to a denial due to lack of credit history).
If you’ve missed payments on other credit cards or loans, there’s a good chance you got denied for a new credit card due to a bad credit score. Inaccurate or mistyped information on your credit card application can also lead to denials.
I don’t have enough credit history. What do I do?
If you’re annoyed that it’s this hard to get started building credit in college, you’re in luck. I agree with you, and it’s why we built Fizz. Before Fizz, the options for building credit in college were limited. You could hope that a major credit card company would give you a card despite your lack of credit history, but there was no guarantee that they would. Plus, those student cards come with sky-high interest rates and fees that encourage overspending and debt. No thanks! You could also get a secured card, but those are pretty bad at building your credit, and they make you lock up your hard-earned money for long periods of time. Pass!
Fizz is the solution that makes sense. When you sign up for a Fizz card, there’s no credit check, so you won’t have to worry about having a hard credit pull on your credit report. In fact, Fizz is the only credit-building debit card out there for college students and young adults. There’s no credit check, so you won’t get denied for having no credit history. There are no hidden fees (just a membership fee) or interest rates, so you won’t go into debt. And it builds your credit just like a normal credit card would. Plus, you can earn up to 25% cash back around campus and online.
Fizz is, without a doubt, the best option for college students who are looking to build credit or who have been denied for a credit card in the past. Thousands of other college students and young adults are already building credit with Fizz - join them and get started today!
*This communication is for informational purposes only and should not be considered financial advice.*
Sam Lipscomb
Author bio
Sam is a Kenyon College alum and is head of content at Fizz. He's been a go to personal finance resource among his peers since getting his first credit card during his sophomore year of college. He hails from Washington, DC, loves all things aviation, and currently lives in Los Angeles.
