BA Travel & Discover Approved for a 18-year Old

[BronzeTrader]

One week after 18-year birthday.

BofA Travel Reward, approved for $2,000 limit at a branch.  Have BA banking

Discover IT approved for a $1,250 limit.  Applied on-line, uploaded college admission letter.  Called over the phone to verify the info.  Approved within minutes.

Chase in-branch app for Freedom declined, due to limited credit history.  This was expected.  Have bank account at Chase.

About 1-2 year credit history as AU on a couple of cards.  FICO was 745.  Then dropped to 720 now after the above applications.

Plan to lay low to grow the two CCs we get.  The BA card will be daily card and the Discover will be max'd for 5% spending, particularly during the first year 2x.  Also get good grade credit.

[Gregory1776]

Your kid? Nice!

[Anonymous]

Congrats to your 18 year old and you for setting him/her up to do well!

[Anonymous]

Kudos for setting up your 18 yr old for hopefully a lifetime of responsible credit usage.

[BronzeTrader]

Thx. It is always good for young people to start with solid footing.  Then they can grow from here.  I've already taken away the AU cards and will try to remove them from the credit report.  1.5x flat reward is just enough to build the credit over time.  

[Anonymous]

Fully agree.  I've added my 17 yr old daughter as an AU on my Amex cards and she will open her own accounts as soon as she develops a credit history.  My 25 yr old son, on the other hand, has seen the effects of the most recent financial crisis and wants little or nothing to do with credit.  He always says "I don't want any banks owning me" when the subject comes up but he's managed to achieve a 790 FICO score with just one credit card from his credit union, a student loans, and a car payment that he's been paying down very aggressively.

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@BronzeTraderwrote:

Thx. It is always good for young people to start with solid footing.  Then they can grow from here.  I've already taken away the AU cards and will try to remove them from the credit report.  1.5x flat reward is just enough to build the credit over time.  

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[AverageJoesCredit]

If only other 18yo were so lucky. Nice job starting them off proper