I've been doing the same thing with my 18 year old son. It's a wonderful thing you're doing, I wish I had known more when I was younger, but you have to start somewhere. I'd let what she has now age for about a year or so, try for a CLI with the Citi after about 6 months. This just might help get higher CLs in the future, you don't want a bunch of low limit cards, a few higher limits with prime lenders is better, IMHO.
IMO, the only time I would close a card is when it either has high fees attached to it or it has served its purpose. I agree to leave it as is for now. In the near future she will be able to be approved for a prime card with higher limits.
Id check the pre-qual for Discover.
if her scores are over 680 she can probably ask for the USbank to be reviewed early for unsecuring (680 use to be magic number but that was years ago, not sure how they work now)
otherwise I agree keep it for a year.
I might go ahead and remove her from AU on the 2 capital ones either at point of CLI with citi, adding another card like Discover or unsecuring the usbank.
what about her own capital one card, like a new quicksilver? then remove the 2 au.
I would recommend that you continue to have your daughter as an authorized user (if these two accounts are in good standing) until she
turns 21 years of age. Capital One may delete these accounts once removed as authorized user.
As far as the Secured Card, if there is no fee associated with this account wait until the one year anniversary, then try to get this account
unsecured, if they refuse, then close the account.
The great thing about the Citi Student Card is that they will reduce the APR by 0.25 % every quarter as long as you pay in full after the
I am also doing the same thing with three of my children.
Once they turn 21 years of age, they will be removed as an authorize user on my accounts and on their own.
You are doing an excellent job in teaching financial responsibility.
I'm curious how the accounts reports in the AU's credit report.
Does is shows as if it was open at the moment you added the person or the original date from the card ?
Everything happening in the card affects that Au's CR ?