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Help getting my brother started in credit

Regular Contributor

Help getting my brother started in credit

My brother just turned 19 and I am would like to get him a credit card just to start building some form of credit. I thought I remembered seeing a while back that the Citi Forward Student was a good card for people with no credit. He has 0 history and 0 inquiries. He works full time and is a student at night. I was curious if anyone had any reccomendations. Want to do something now to try to open a Zync in December.

 

Thanks.

 

P.S. - Is it better to apply over the phone to talk to the rep or is it no difference than over the computer (since they are just imputting the information into a computer).

What's In My Wallet:American Express Starwood Preferred Guest Business Card, American Express Costco True Earnings, Citi AA Visa, Barclays US Air, Citi Prestige
What's In My Sock Drawer: Chase Sapphire Preferred, Discover More, Bank of America Accelerated Rewards AmEx, SME FCU Visa
Message 1 of 22
21 REPLIES
Contributor

Re: Help getting my brother started in credit

Right - There is no difference applying via computer/phone, at least in terms of your approval chances.

 

Also, since he is working full-time, I wouldn't necessarily bother applying for the student version just because he's a student... The best long-term play may be to apply for the regular Forward, which has a pretty low barrier to entry to begin with. CapitalOne is the other lender you'll want to look at for a thin file: Their Journey product (a student card) offers some of the best features you can get on the low end of the credit spectrum, and also carries no AF.

 

The other thing you may want to consider is adding him as an AU on one of your AMEX credit products, like the Blue. It won't give him any history (I believe they stopped doing that a while back), but it would give him an account with a high limit and low utilization, at least to get a report generated for him.

 

Message 2 of 22
Valued Contributor

Re: Help getting my brother started in credit

I would add him as AU to whatever cards are old, high limits, little/no utilization.  I would pick one AMEX to lock in his member year (remember to register the card with online id).  Give him 2-3 VISA/MCs if you have enough that match those standards.  Do not apply for any cards until all these AU accounts are reporting on his credit report.

               LIMITS IN CARD DESCRIPTIONS
Message 3 of 22
Regular Contributor

Re: Help getting my brother started in credit

Makes sense. I'll probably add him as an AU to my Blue (since it's sock drawered) and my Chase United (sock drawer) so I am reporting 0 util and 2k with Blue and 5k with Chase.

 

Would this make his AmEx date 2012 or 2010 (mine)? Also, how long till they would report to his credit report.

 

Thanks for the feedback and help. I really appreciate it.

 

Also, would this instant show my history on his report (so 2 years for the AmEx) and a few months for the United or would it all start at 0 for him?

What's In My Wallet:American Express Starwood Preferred Guest Business Card, American Express Costco True Earnings, Citi AA Visa, Barclays US Air, Citi Prestige
What's In My Sock Drawer: Chase Sapphire Preferred, Discover More, Bank of America Accelerated Rewards AmEx, SME FCU Visa
Message 4 of 22
Valued Contributor

Re: Help getting my brother started in credit

His member date would be 2012.  Au Amex will show open now so no aaoa gain, but will be good for him in future.  I'm not loving your choices on cards.  If Amex blue only 2k limit, then add him to green instead.  Plus if you ever use green, you don't need to worry about affecting his utilization.   Open date on Amex doesn't matter as he will show open date of now.  As for visa/mc, can you list out your cards by limit, any normal balance on card, any nrgative history, and open date.  Since he will inherit entire history on visa/mc, good to do old card and high limit cards.  Also, probably take a couple months to report but depends on timing.

               LIMITS IN CARD DESCRIPTIONS
Message 5 of 22
Regular Contributor

Re: Help getting my brother started in credit


Crashem wrote:

His member date would be 2012.  Au Amex will show open now so no aaoa gain, but will be good for him in future.  I'm not loving your choices on cards.  If Amex blue only 2k limit, then add him to green instead.  Plus if you ever use green, you don't need to worry about affecting his utilization.   Open date on Amex doesn't matter as he will show open date of now.  As for visa/mc, can you list out your cards by limit, any normal balance on card, any nrgative history, and open date.  Since he will inherit entire history on visa/mc, good to do old card and high limit cards.  Also, probably take a couple months to report but depends on timing.


Thanks for the help, really appreciate it.

 

Visa

 

Chase Sapphire Preferred - Open 08/11 - $500-$1000/month - $5000 limit

Chase Freedom - Open 2/12 - $0 - $500/month (based on 5% spend bonus) - $4000 limit

Chase United Mileage Explorer - Open 5/12 - $0/month - $5000 limit

 

MC

 

Citi Divended Platinum - Open 3/11 - $0/month - $4300 limit

 

No negatives on any cards

What's In My Wallet:American Express Starwood Preferred Guest Business Card, American Express Costco True Earnings, Citi AA Visa, Barclays US Air, Citi Prestige
What's In My Sock Drawer: Chase Sapphire Preferred, Discover More, Bank of America Accelerated Rewards AmEx, SME FCU Visa
Message 6 of 22
Valued Contributor

Re: Help getting my brother started in credit

Seem to be  missing a couple of cards such as he ones in sock drawer.

               LIMITS IN CARD DESCRIPTIONS
Message 7 of 22
Regular Contributor

Re: Help getting my brother started in credit


Crashem wrote:

Seem to be  missing a couple of cards such as he ones in sock drawer.


Ahh sorry

 

Discover More - Open 5/08 - $0/month - $3,000 limit

Bank of America AmEx - Open 10/10 - $0/month - $10,000 limit

 

I also have one through a credit union I used to live near which was open 6/10 - $0/month - $3,000 limit (Visa)

 

What's In My Wallet:American Express Starwood Preferred Guest Business Card, American Express Costco True Earnings, Citi AA Visa, Barclays US Air, Citi Prestige
What's In My Sock Drawer: Chase Sapphire Preferred, Discover More, Bank of America Accelerated Rewards AmEx, SME FCU Visa
Message 8 of 22
Valued Contributor

Re: Help getting my brother started in credit

Add him to Amex green, discover, and bofa Amex.  Once he is added, I would verify that they show up on his credit report.  Amex green for sure will.  Once you get Amex green card, make sure to register Amex green on website with his own online ID.  As for other cards, it would help if you and him share an address currently but any past address on the credit report is okay too.  Might need to make a purchase on eother those cards to get them to report would help too.  Once all are reporting on his creditreport, you want to apply to card issuer who doesn't discount au accounts too much.  If I remember correctly, Citibank is good choice.

               LIMITS IN CARD DESCRIPTIONS
Message 9 of 22
Frequent Contributor

Re: Help getting my brother started in credit

Discover and Citi count AU from recent experience. I got the more/forward with 5 months of personal credit history. Chase defiantly ignores AU accounts.

Fico Scores:800+Club

Marvel MC 25K AMEX BCE 18K AMEX Blue Sky 13.6K AMEX BCE 13.5K AMEX Zync
NPSL(AU) Citi Double Cash 14.5K PenFed Plat Rewards 14.5K Citi Forward 10.3k Discover it 9.5K Wells Fargo Cash Back 7.2K BankAmericard Better Balance $700 Chase Freedom $500 Capital One Quicksilver $6K Capital One Platinum (AU) $500 Capital One Secured Card (AU) $251(Closed) PenFed PLOC 14K
PenFed Promise 5K
Message 10 of 22