Cap1 Visa Platinum - 18 year old

[Dawn]

My 18 year old son lives in his own apartment and is not a student.  His pre-screened CC offers still come here.  The only ones I've seen recently are for Cap1 @ 9.99% variable rate with the admonishment that after 2 late payments within a 12 month period, the "may" go up on the rates.  It also states specifically that they do *not* use Universal Default in their decision making.  The minimum credit limit is $300 and I doubt they would go higher than that for him.

I don't think he has any credit history, unless Sprint reports (and they never did so on my reports.)  Although I would prefer that he get his first CC through our CU ... that won't happen without our co-signing ... and we aren't going there.  He wants to be as independent from us as possible.  Co-signing would require too much parental nosiness. 

I've seen a lot of complaints about Cap1 and I am leary of suggesting that he look into this offer.  Should I just shred it and have him go on-line to look at what is available directly from various other CCCs?

[Anonymous]

What I have found with most TLs - pay your bill and get no hassles.  Some TLs are much nastier than others  if you default - Cap1 being one of them.

Cap1 doesn't have the best customer service or are CLI generous - but this is a starter card and when he is better positioned they will treat him better.

BTW, I have a Cap1 card.

[SmartCookie]

Have him pull his CBRs and see what is there if anything.

CAP1 has improved dramatically in the past year.  However, for your sons first card... he might be able to get something that he will be happy to keep to build account age.

CAP1 will probably only give him an annual fee card, and they do not convert cards easily or waive fees.

Many other companies have student cards which are fee free.  Search around at the major companies like BoA, Citibank, Chase, WaMu etc. 

Also read the threads on the BoA partially secured 99/500 card.  If he can get that, at least it has a good CL and can be converted to something fee free and better as his credit improves.

Putting him on as an AU on your cards now would be helpful but not for long.  You can add him and cut up the card... just to give him enough of a credit boost to get a card for himself.  My folks did that way back when and it allowed me to get a card of my own.   

[haulingthescoreup]

If he does do the Cap 1 card, he needs to burn it into his brain that if he EVER screws up, Cap 1 will probably not respond to any GW, and he'll be looking at it for 7 years. (I know that some people have had luck, but most haven't.) I don't know if there is any way of doing this with an 18-year-old that's not really tuned in, though.

Maybe tell him that if he messes up, he won't get a truly cool car until he's in his upper twenties! lol

[SonorityGenius]

Do not go for Crap 1.

He does not need BT offers yet if he can pay in full each month, and honestly, BT tricks should be learned much later in credit-building process.

My first ever card was Citi Student Plat - easily approved with no file cause they were on my campus spending billions of dollars to advertise? but many big bank - bofa, citi, chase, have Student versions of their popular cards

Do not sign him up for any AF cards, its not worth it. Hes their prime target, young, new, Student, with a parent that will bail hiM! lol

[SmartCookie]

Have him open up a BoA online checking account.  I have a $75 bonus code for it and/or $125 bonus for opening both savings and checking

somewhere around here... gotta dig later.

Then have him app for their Plat Card and see if he gets that or the 99/500 offer... just my suggestion.

Message Edited by SmartCookie on 10-27-2007 07:52 PM

[haulingthescoreup]

I think OP said that he is not currently a student. But I wonder if it would be possible for him to stroll through a nearby campus in January (the beginning of spring semester) and pick up an app. Do those apps actually ask if you're a current student?

My youngest wanted a free water bottle and got a Discover card (a genuine one) with a $500 CL without any credit history whatsoever. She was too scared to keep it, and not knowing any better, we helped her cancel it. *sigh* But that's a possible solution.

Wow, these boards get wide when a long url gets posted!

[SmartCookie]

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haulingthescoreup wrote:
I think OP said that he is not currently a student. But I wonder if it would be possible for him to stroll through a nearby campus in January (the beginning of spring semester) and pick up an app. Do those apps actually ask if you're a current student?

My youngest wanted a free water bottle and got a Discover card (a genuine one) with a $500 CL without any credit history whatsoever. She was too scared to keep it, and not knowing any better, we helped her cancel it. *sigh* But that's a possible solution.

Wow, these boards get wide when a long url gets posted!

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LOL I screwed up this thread with a screwy link for nothing???   

[Schoolbuskid]

I suggest looking into Bank of America Secured Visa Card. It has an annual fee of only $29 and after a few months of on time paying they often send offers for unsecured cards.

[haulingthescoreup]

I never even clicked on the link--I was just cracking up when I was trying to type, and everything kept going off the screen!