19 years old and starting the build

iyoulow · ‎09-11-2013

Hi All,

I'm posting on behalf of my daughter. Unfortunately, her dad spent years making a mess of his credit an I'm now rebuilding.

She, on the other hand, has a clean slate. I want her to build her credit the right way and never have to go through what I have.

She got her 1st card 6 months ago with 5 months reporting on her CR. It is a secured Cap One card for which she had to deposit $200 or $250. The CL has since been increased to $350 without additional deposit. She has $0 balance. I told her to use it for something every month and PIF.

My question is, what should she do next? She is a student and doesn't make much working PT. I'd like to see her get a 2nd card. Her Credit Karma FAKO score is 720+. Should she apply for another next month? And if so, what card would you recommend?

Thanks in advance

Credit Sesame (EX) - 7/2013 - 639, 9/2013 - 658, 10/2013 - 676, current - 670
Credit Karma (TU) - 7/2013 - 580, 8/2013 - 591, 9/2013 - 607, current - 635
USAA Experian Credit Check - 8/2013 - (EX) 609, (EQ) 634, (TU) 601
9/2013 - (EX) 639, (EQ) 649, (TU) 605 - 3/2014 - (EX) 652, (EQ) 641, (TU) 631

Iamien · ‎09-11-2013

Once that card hits 6 months, I'd try for a Chase Freedom.

733 TU (08/21/2013)
Amex BCE($20,000): 3% Groceries - 2% Gas - 2% Department Stores
US Bank Cash+($9,500): 5% Fast Food - 5% Cellphones - 2% Resteraunts
Chase Freedom($4000): 5% Rotating
CapOne QuickSilver($30,000): 1.5% Everything
Citi Double Cash($12,500): 2% Everything.
Lowes($2,400) 5% off Lowes.

jsickz32 · ‎09-11-2013

Hi, my brother started building his credit at that age too. He had only been a AU on my PRG for 4 months and i had him app to macys store card. He was approved for 500 and him only working PT too. After 6 months of having his macys card, he apped to best buy card and was approved for 3k with the same PT job.

Id say have her app for a store card she frequents the most. That way she will use it and pif. After of couple of months have app for another another card. It will take time but she'll get there eventually

I started at 18 and now im 22 btw

Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / Merrill+ Visa siggy (5000) / BofA Amex (6000) / Bofa cash rewards (5000) / BofA Privileges Cash Rewards (5000) / Citi Forward (4400) / Citi DP (2000) / Chase Freedom (4000) / Chase CSP (5000) / Chase Hyatt (5000) / Discover IT (1700) / FNBO AMEX (3600) / NFCU cashRewards Visa signature (15000) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / Nordstrom (500) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (1631) / PayPal Smart connect (2200) / BestBuy store card (2000)

daybreakgonesXe · ‎09-11-2013

@iyoulow wrote:
Hi All,

I'm posting on behalf of my daughter. Unfortunately, her dad spent years making a mess of his credit an I'm now rebuilding.

She, on the other hand, has a clean slate. I want her to build her credit the right way and never have to go through what I have.

She got her 1st card 6 months ago with 5 months reporting on her CR. It is a secured Cap One card for which she had to deposit $200 or $250. The CL has since been increased to $350 without additional deposit. She has $0 balance. I told her to use it for something every month and PIF.

My question is, what should she do next? She is a student and doesn't make much working PT. I'd like to see her get a 2nd card. Her Credit Karma FAKO score is 720+. Should she apply for another next month? And if so, what card would you recommend?

Thanks in advance

I highly recommend her going for either the Citi Forward Student or Discover IT student. She has the history/scores for them, and they offer great rewards! (5x cards).

Best of luck to her in her credit journey 3 years ago I was in her shoes! My parents (well, more because of my mom) don't have the greatest credit due to their mistakes as well. I have a way higher score and higher credit lines than either of them do, because I chose to build my credit history and keep it perfect from day one. I have absolute faith in her, and congrats to you on showing her the right way!

yudeology101 · ‎09-11-2013

@jsickz32 wrote:
Hi, my brother started building his credit at that age too. He had only been a AU on my PRG for 4 months and i had him app to macys store card. He was approved for 500 and him only working PT too. After 6 months of having his macys card, he apped to best buy card and was approved for 3k with the same PT job.
Id say have her app for a store card she frequents the most. That way she will use it and pif. After of couple of months have app for another another card. It will take time but she'll get there eventually

I started at 18 and now im 22 btw

Wow, your profile looks amazing, especially only being 22. Assuming that you'll hit the 800club in no time..

JPM Ritz Carlton $8k I UMP Club $8k I CSP $8k | Chase Hyatt $5k I AMEX Green NPSL I AMEX Delta $2k I Citi AA $2k | C1 QS $4.5k
BOA UNC-CH Alumni $6k I Hawaiian WEMC $3k I Arrival $6.5k I IT $1.5k | Merrill+ $2k | Lowes $12k | Apple $2k | +23more
Scores: EQ:671 (FICO ↑ 11) EX:686 (FICO ↔ N/C) TU:686 (FICO ↑ N/C) *8-5-14*

Overall UTIL: 14% *Gardening Since: 1/20/16*
------------------------------------------------------------
Need to stay out of trouble.... Go Heels!!! ... GC Watchlist ( #1 since 12-12-13)

KingAdrock · ‎09-11-2013

First off, good on you for starting your daughter on the right track.

As far as more cards, you want to get your daughter cards that will grow with her. Cap 1 is good for getting credit when you don't have any, but don't expect that card to go places. It's a starter credit card and it likely always will be; getting Cap 1 to do a product change on a card is like pulling teeth. BofA however is notorious for growing with you. Even if you can only get a secured card with them, with proper care that card can quickly become unsecured, and later upgraded to a higer tier card.

Where do you and/or your daughter bank? That's often a good place to start.

jsickz32 · ‎09-11-2013

If shes new to credit i would highly recommend that you dont get her a Visa/MC/amex etc card just yet. Let her learn with small CL store cards first. That way she'll learn to control herself with CC. Thats the reason my brother only has store cards atm. Hes a AU on my BofA privileges and ive put a 1k limit on it and he says hes happy with that for now. it stops him from over spending.

Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / Merrill+ Visa siggy (5000) / BofA Amex (6000) / Bofa cash rewards (5000) / BofA Privileges Cash Rewards (5000) / Citi Forward (4400) / Citi DP (2000) / Chase Freedom (4000) / Chase CSP (5000) / Chase Hyatt (5000) / Discover IT (1700) / FNBO AMEX (3600) / NFCU cashRewards Visa signature (15000) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / Nordstrom (500) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (1631) / PayPal Smart connect (2200) / BestBuy store card (2000)

jsickz32 · ‎09-11-2013

@yudeology101 wrote:
@jsickz32 wrote:
Hi, my brother started building his credit at that age too. He had only been a AU on my PRG for 4 months and i had him app to macys store card. He was approved for 500 and him only working PT too. After 6 months of having his macys card, he apped to best buy card and was approved for 3k with the same PT job.
Id say have her app for a store card she frequents the most. That way she will use it and pif. After of couple of months have app for another another card. It will take time but she'll get there eventually

I started at 18 and now im 22 btw
Wow, your profile looks amazing, especially only being 22. Assuming that you'll hit the 800club in no time..

Thanks im in the low 700s at the moment because of my itchy apping finger lol

Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / Merrill+ Visa siggy (5000) / BofA Amex (6000) / Bofa cash rewards (5000) / BofA Privileges Cash Rewards (5000) / Citi Forward (4400) / Citi DP (2000) / Chase Freedom (4000) / Chase CSP (5000) / Chase Hyatt (5000) / Discover IT (1700) / FNBO AMEX (3600) / NFCU cashRewards Visa signature (15000) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / Nordstrom (500) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (1631) / PayPal Smart connect (2200) / BestBuy store card (2000)

Creditaddict · ‎09-11-2013

I would also suggest the Discover and Citi Forward Student Option as my #1 choice.

I suggest 2 new cards not just 1.

Who does she bank with? I would also second the idea of Bank of America or Chase depending who she banks with.

after obtaining 2 more cards I would send an email off to capital one and get them working to unsecure that card or telling you to apply for the quicksilver and get that secured money back and put to better use.

myjourney · ‎09-11-2013

@iyoulow wrote:
Hi All,

I'm posting on behalf of my daughter. Unfortunately, her dad spent years making a mess of his credit an I'm now rebuilding.

She, on the other hand, has a clean slate. I want her to build her credit the right way and never have to go through what I have.

She got her 1st card 6 months ago with 5 months reporting on her CR. It is a secured Cap One card for which she had to deposit $200 or $250. The CL has since been increased to $350 without additional deposit. She has $0 balance. I told her to use it for something every month and PIF.

My question is, what should she do next? She is a student and doesn't make much working PT. I'd like to see her get a 2nd card. Her Credit Karma FAKO score is 720+. Should she apply for another next month? And if so, what card would you recommend?

Thanks in advance

http://ficoforums.myfico.com/t5/Credit-Cards/quot-Start-From-Scratch-quot-Credit-Builders-Handbook/m...

Great for starting

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?