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Sister is 18, she works in retail, doesn't make that much, will be going to school and I think taking out student loans for about 3-4k, she doesn't have any credit cards, what would be the best thing for her to do to build a soild FICO score? I was thinking of a student card from BOA or their secured card? She has a bank account with a local credit union, doesn't have the best credit cards for rewards system.
@mab6311 wrote:Sister is 18, she works in retail, doesn't make that much, will be going to school and I think taking out student loans for about 3-4k, she doesn't have any credit cards, what would be the best thing for her to do to build a soild FICO score? I was thinking of a student card from BOA or their secured card? She has a bank account with a local credit union, doesn't have the best credit cards for rewards system.
Once she can prove studentness, I'd try for both the BOFA and the Discover student cards. If I couldn't get those I'd look into their secured options with an absolute minimum deposit.
I'd then go pickup whatever secured or otherwise card from the CU that she banks with as long as it has $0 AF; keep pushing that relationship forward with the farming tradeline.
That's about as good as it gets for a starting student when you include the installment side from the SL's.
I remember when I started college in 2001, lenders were passing cards out like candy. I remember signing up for a Fleet Bank credit card since they had a booth at the Welcome Weekend.
Thankfully they aren't allowed to do this anymore.
@injustifiiable wrote:I remember when I started college in 2001, lenders were passing cards out like candy. I remember signing up for a Fleet Bank credit card since they had a booth at the Welcome Weekend.
Thankfully they aren't allowed to do this anymore.
Yeah I had an old MBNA account from two decades ago from a similar situation in college (which I may have just gotten a nasty gram for I'll see your notice and raise you one DV); I couldn't possibly tell anyone at this point as to what standing I left that card in.
That said, the problem is credit education is lacking: if you're smart, and you're a student, absolutely take advantage of the student offers: they're still fantastic ways to get entry into the credit world shortcutting the building process by about a year (from a rewards portfolio perspective) and if you can show any hint of income, take two or even 3 though I'm struggling to think of another quality student card, maybe something from Citi.