@Emdee_MD wrote:
Hey All,
My Fiance is 18 years old, and just started college this year. She turned 18 in April, with a clean slate; and applied for a Discover IT student addition card. (She was denied, but didnt tell me she had applied or I would have pushed her to recon the decision). She also applied for a Capital One card and was approved for a $500 limit. Her goal is to establish enough positive credit to get an AMEX card.
My original thinking on this was, get the capital one card, she has run about $400 a month through the card, but paid in full before the statement cuts (exception, 3 months she had a balance of ~15 - 30$ on the card at statement date). I told her at 6 months (October) to ask for a SP CLI from Capital one. If she is granted the CLI. wait till that limit is reported, and then apply for another card. Which will put her at 3 INQ; but to keep using these 2 cards for 12 months - 18 months, so that after that time she would be in a good position to apply for BCP. (Her goal).
Is this a reasonable template? Should she plan on using these cards with positive history for longer then 12 - 18 months? Would it be easier to after the 12 months apply for PRG, and then apply for BCP within the first year when annual fee is waived and then close PRG? She is not to keen on charge cards and would like to skip using that method if possible.
Would it help her if I made her an AU on my Chase Sapphire ($7500 limit, 1.5 years no lates). I thought I read on here people had some issues with Chase not reporting for AU.
Any advice would be greatly appreciated! Thanks all.
I am still *rebuilding* and am not in good enough shape to apply for the AMEX, but I am being patient and getting myself there as well!
Before my credit is where it is at now, my DW put me on her chase card as an AU and it reported. Now, people have had a hard time getting an AU to report if you do not live at the same address. If she does not live with you, or you with her, then the CRA may not report the AU.
The easiest way for her to get in with AMEX may be a charge card. I know I first got in with AMEX with the Zync charge card and then a few months later I was approved for the Blue Sky. This was also just after the financial crisis so things should be alittle easier now.
I am not a big fan on opening cards jus to close them soon after. If a card does not have an AF then you can always just sock drawer it. I am also a firm believer in grow your current CLs before applying for a lot of new cards. Granted, Cap1 is not known for easy CLIs, but you can always try.
Ask her what the reason was for her Discover denial. If she has not already, she will receive a letter in the mail with her CS and the reason for denial. If I had to guess, she either reported no income or very little. That seems to be a common theme on the Discover IT student denials.
